I have been asked to prepare an income statement, how do I know what to include? Question: The following items are taken from the financial statements of Sunland Company for 2022: Accounts payable $10,200 Accounts receivable 12,800 Accumulated depreciation—equipment 37,000 Advertising expense 21,800 Cash 13,000 Common stock 89,000 Depreciation expense 13,300 Dividends 15,100 Equipment 230,000 Insurance expense 3,100 Notes payable 74,000 Prepaid insurance 6,200 Rent expense 15,000 Retained earnings (beginning) 20,400 Salaries and wages expense 33,300 Salaries and wages payable 3,300 Service revenue 138,000 Supplies 3,100 Supplies expense 5,200
I have been asked to prepare an income statement, how do I know what to include? Question: The following items are taken from the financial statements of Sunland Company for 2022: Accounts payable $10,200 Accounts receivable 12,800 Accumulated depreciation—equipment 37,000 Advertising expense 21,800 Cash 13,000 Common stock 89,000 Depreciation expense 13,300 Dividends 15,100 Equipment 230,000 Insurance expense 3,100 Notes payable 74,000 Prepaid insurance 6,200 Rent expense 15,000 Retained earnings (beginning) 20,400 Salaries and wages expense 33,300 Salaries and wages payable 3,300 Service revenue 138,000 Supplies 3,100 Supplies expense 5,200
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
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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I have been asked to prepare an income statement, how do I know what to include?
Question:
The following items are taken from the financial statements of Sunland Company for 2022:
Accounts payable | $10,200 | ||
Accounts receivable | 12,800 | ||
37,000 | |||
Advertising expense | 21,800 | ||
Cash | 13,000 | ||
Common stock | 89,000 | ||
Depreciation expense | 13,300 | ||
Dividends | 15,100 | ||
Equipment | 230,000 | ||
Insurance expense | 3,100 | ||
Notes payable | 74,000 | ||
Prepaid insurance | 6,200 | ||
Rent expense | 15,000 | ||
Retained earnings (beginning) | 20,400 | ||
Salaries and wages expense | 33,300 | ||
Salaries and wages payable | 3,300 | ||
Service revenue | 138,000 | ||
Supplies | 3,100 | ||
Supplies expense | 5,200 |
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