[The following information applies to the questions displayed below] Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable oved to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 254 pretax income; all paid during December of the current year Common stock at the end of the current year No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations. Required: 1. Prepare a summarized income statement for the year. $ 15,050 12,200 33,500 72,500 34,100 2,150 INFLUENCE CORPORATION Income Statement 113,000 75,000 7 48,500
[The following information applies to the questions displayed below] Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable oved to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 254 pretax income; all paid during December of the current year Common stock at the end of the current year No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations. Required: 1. Prepare a summarized income statement for the year. $ 15,050 12,200 33,500 72,500 34,100 2,150 INFLUENCE CORPORATION Income Statement 113,000 75,000 7 48,500
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 22P
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