The assets and liabilities of Skittles Corporation at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Use this information the answer the questions that follow. Accounts payable $ 1,200 Miscellaneous expense $ 480 Accounts receivable 12,340 Office expense 440 Cash 32,990 Supplies 1,670 Fees earned 75,790 Wages expense 27,170 Land 65,000 Dividends 3,000 Building 143,670 Prepare an income statement for the current year ended March 31. Skittles Corporation

The assets and liabilities of Skittles Corporation at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings was $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Use this information the answer the questions that follow. Accounts payable $ 1,200 Miscellaneous expense $ 480 Accounts receivable 12,340 Office expense 440 Cash 32,990 Supplies 1,670 Fees earned 75,790 Wages expense 27,170 Land 65,000 Dividends 3,000 Building 143,670 Prepare an income statement for the current year ended March 31. Skittles Corporation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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