[The following information applies to the questions displayed below.] South Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are listed alphabetically and are in thousands of dollars. Accounts Payable Accounts Receivable Advertising Expense Cash (January 1, 2019) Cash (June 29, 2019) Common Stock Dividends Equipment Income Tax Expense Inventory Notes Payable Office Expense Operating Expenses Retained Earnings (January 1, 2019) Sales Revenue Supplies Other cash flow information: Cash received from issuing common stock Cash paid to purchase equipment Cash paid to suppliers and employees Cash received from customers Cash received from sale of long-term assets Dividends paid to stockholders $ 1,028,700 594,000 70,000 1,384,000 1,070,000 1,525,000 310,000 3,066,000 79,000 649,000 348,300 657,000 694,000 2,726,000 1,730,000 169,000 $ 58,000 530,000 1,432,000 1,716,000 184,000 310,000 Required: 1. Prepare an income statement for the six months ended June 29, 2019. (Enter your answers in thousands.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
South Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are
listed alphabetically and are in thousands of dollars.
Accounts Payable
Accounts Receivable
Advertising Expense
Cash (January 1, 2019)
Cash (June 29, 2019)
Common Stock
Dividends
Equipment
Income Tax Expense.
Inventory
Notes Payable
Office Expense
Operating Expenses
Retained Earnings (January 1, 2019)
Sales Revenue
Supplies
Other cash flow information:
Cash received from issuing common stock
Cash paid to purchase equipment
Cash paid to suppliers and employees
Cash received from customers
O Cash received from sale of long-term assets
Dividends paid to stockholders
Revenues
SOUTH FITNESS, Incorporated
Income Statement
Advertising Expense
Net Income
(in thousands)
$
Required:
1. Prepare an income statement for the six months ended June 29, 2019. (Enter your answers in thousands.)
0
0
$ 1,028,700
594,000
70,000
457,000
1,384,000
1,070,000
1,525,000
310,000
3,066,000
79,000
649,000
348,300
657,000
694,000
2,726,000
1,730,000
169,000
$ 58,000
530,000
1,432,000
1,716,000
184,000
310,000
Transcribed Image Text:[The following information applies to the questions displayed below.] South Fitness, Incorporated, reported the following information for the six-month period ended June 29, 2019. Items are listed alphabetically and are in thousands of dollars. Accounts Payable Accounts Receivable Advertising Expense Cash (January 1, 2019) Cash (June 29, 2019) Common Stock Dividends Equipment Income Tax Expense. Inventory Notes Payable Office Expense Operating Expenses Retained Earnings (January 1, 2019) Sales Revenue Supplies Other cash flow information: Cash received from issuing common stock Cash paid to purchase equipment Cash paid to suppliers and employees Cash received from customers O Cash received from sale of long-term assets Dividends paid to stockholders Revenues SOUTH FITNESS, Incorporated Income Statement Advertising Expense Net Income (in thousands) $ Required: 1. Prepare an income statement for the six months ended June 29, 2019. (Enter your answers in thousands.) 0 0 $ 1,028,700 594,000 70,000 457,000 1,384,000 1,070,000 1,525,000 310,000 3,066,000 79,000 649,000 348,300 657,000 694,000 2,726,000 1,730,000 169,000 $ 58,000 530,000 1,432,000 1,716,000 184,000 310,000
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