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The adjusted trial balance for China Tea Company at December 31, 2024, is presented below:   Debit Credit Cash $ 12,100   Accounts receivable 166,000   Prepaid rent 6,600   Inventory 41,000   Equipment 460,000   Accumulated depreciation   $ 141,000 Accounts payable   46,000 Notes payable (due in three months)   46,000 Salaries payable   5,600 Interest payable   17,100 Common stock   280,000 Retained earnings   85,200 Dividends 14,500   Sales revenue   560,000 Costs of goods sold 260,000   Salaries expense 136,000   Rent expense 31,000   Depreciation expense 46,000   Interest expense 3,600   Advertising expense 4,100   Totals $ 1,180,900 $ 1,180,900 Required: Prepare an income statement for China Tea Company for the year ended December 31, 2024.

The adjusted trial balance for China Tea Company at December 31, 2024, is presented below:   Debit Credit Cash $ 12,100   Accounts receivable 166,000   Prepaid rent 6,600   Inventory 41,000   Equipment 460,000   Accumulated depreciation   $ 141,000 Accounts payable   46,000 Notes payable (due in three months)   46,000 Salaries payable   5,600 Interest payable   17,100 Common stock   280,000 Retained earnings   85,200 Dividends 14,500   Sales revenue   560,000 Costs of goods sold 260,000   Salaries expense 136,000   Rent expense 31,000   Depreciation expense 46,000   Interest expense 3,600   Advertising expense 4,100   Totals $ 1,180,900 $ 1,180,900 Required: Prepare an income statement for China Tea Company for the year ended December 31, 2024.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter18: The Management Of Accounts Receivable And Inventories
Section: Chapter Questions
Problem 9P
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The adjusted trial balance for China Tea Company at December 31, 2024, is presented below:

  Debit Credit
Cash $ 12,100  
Accounts receivable 166,000  
Prepaid rent 6,600  
Inventory 41,000  
Equipment 460,000  
Accumulated depreciation   $ 141,000
Accounts payable   46,000
Notes payable (due in three months)   46,000
Salaries payable   5,600
Interest payable   17,100
Common stock   280,000
Retained earnings   85,200
Dividends 14,500  
Sales revenue   560,000
Costs of goods sold 260,000  
Salaries expense 136,000  
Rent expense 31,000  
Depreciation expense 46,000  
Interest expense 3,600  
Advertising expense 4,100  
Totals $ 1,180,900 $ 1,180,900

Required:

Prepare an income statement for China Tea Company for the year ended December 31, 2024.

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