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Business
Accounting
Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $30,900 19,900 32,900 116,700 19,500 25,000 137,800 53,600 497,900 981,900 66,900 17,900

Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $30,900 19,900 32,900 116,700 19,500 25,000 137,800 53,600 497,900 981,900 66,900 17,900

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The account of Metlock Shoe Co has compiled the following information from the company records as a basis for a income statement for the year ended December 31 

N ACC203 WAS COST ACCOU XD MyHarper | Students ? Ch 3 Practice 2 education.wiley.com/vas/ui/v2/assessment-player/index.html?launchid-18a794de-dbd5-4d78-8a05-b6b1f0e6d220#/question/0 Question 1 of 1 W atatement THE TEA GREU DELERDE V Rent revenue # Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies (selling) Type here to search Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared 3 * E A R %6 1.8 5 T K 6 $30,900 19,900 32,900 116,700 19,500 25,000 137,800 53,600 497,900 981,900 66,900 17,900 0 HEWLETT PA NWP Assessment Builder U 7 8 K WP A Rain.... 9 ho ▶
Transcribed Image Text:N ACC203 WAS COST ACCOU XD MyHarper | Students ? Ch 3 Practice 2 education.wiley.com/vas/ui/v2/assessment-player/index.html?launchid-18a794de-dbd5-4d78-8a05-b6b1f0e6d220#/question/0 Question 1 of 1 W atatement THE TEA GREU DELERDE V Rent revenue # Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies (selling) Type here to search Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared 3 * E A R %6 1.8 5 T K 6 $30,900 19,900 32,900 116,700 19,500 25,000 137,800 53,600 497,900 981,900 66,900 17,900 0 HEWLETT PA NWP Assessment Builder U 7 8 K WP A Rain.... 9 ho ▶
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One of the financial statements that show an organization's financial performance over a specific time period is an income statement. It displays the net profit or loss realised within a specific accounting period. It details how the business generates income and pays expenses through its everyday operations.

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