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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
Related questions
Question
The adjusted
Debit | Credit | |
---|---|---|
Cash | $ 12,100 | |
166,000 | ||
Prepaid rent | 6,600 | |
Inventory | 41,000 | |
Equipment | 460,000 | |
$ 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 | |
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning