Use the trial balance shown below for all questions on this page. It is highly recommended that you prepare the income statement and balance sheet on scratch paper BEFORE recording your answers. Accounts (listed alphabetically) Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Inventory Land Long-term Inve stments Long-term Note Paya ble Other operating expenses Equipment Retained Eamings Wage Expense Sales Revenue Wages Payable Debit Cre dit 24 44 60 22 50 100 20 15 5 34 80 10 90 10 200 120 70 260 6. Totals 610 610
Use the trial balance shown below for all questions on this page. It is highly recommended that you prepare the income statement and balance sheet on scratch paper BEFORE recording your answers. Accounts (listed alphabetically) Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Inventory Land Long-term Inve stments Long-term Note Paya ble Other operating expenses Equipment Retained Eamings Wage Expense Sales Revenue Wages Payable Debit Cre dit 24 44 60 22 50 100 20 15 5 34 80 10 90 10 200 120 70 260 6. Totals 610 610
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.15MCE
Related questions
Question
What is the operating income and the net income?
![Use the trial balance shown below for all questions on this page. It is highly
recommended that you prepare the income statement and balance sheet on scratch
paper BEFORE recording your answers.
Accounts (listed alphabetically)
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Debit
Credit
24
44
60
Cash
22
Common Stock
Cost of Goods Sold
Depreciation Expense
Income Tax Expense
Interest Expense
Inventory
Land
Long-term Investments
Long-term Note Paya ble
Other operating expenses
Equipment
Retained Eamings
Wage Expense
Sales Revenue
Wages Payable
50
100
20
15
5
34
80
10
90
10
200
120
70
260
6
Totals
610
610](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd0d42ee9-21af-476b-a2b5-7d9771c7da67%2F95a004b4-1cd3-4b75-b4e9-8f43b1b60cb3%2Fw523n5p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the trial balance shown below for all questions on this page. It is highly
recommended that you prepare the income statement and balance sheet on scratch
paper BEFORE recording your answers.
Accounts (listed alphabetically)
Accounts Payable
Accounts Receivable
Accumulated Depreciation
Debit
Credit
24
44
60
Cash
22
Common Stock
Cost of Goods Sold
Depreciation Expense
Income Tax Expense
Interest Expense
Inventory
Land
Long-term Investments
Long-term Note Paya ble
Other operating expenses
Equipment
Retained Eamings
Wage Expense
Sales Revenue
Wages Payable
50
100
20
15
5
34
80
10
90
10
200
120
70
260
6
Totals
610
610
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