At december 312007 the general ledger of hoffman electric

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Reference no: EM13611916

At December 31,2007, the general ledger of Hoffman Electric had the followingaccount balances. All adjustingentries (except for income taxes at 35%) have been made. Thecompany had 10,400 shares of common stock outstanding during theyear.

Accounts payable $8,950 Equipment $ 80,300

Accounts receivable14,970 Gain on sale of land 4,800

Accrued liabilities21,000 Interest expense 1,420

Accumulated depreciation15,300 Merchandise18,465

Advertising expense9,968 Land 30,000

Cash9,530 Retained earnings* 57,984

Common stock36,000 Sales revenue 260,772

Cost of goods sold102,690 Utilities expense 9,002

Depreciation expense13,510 Wages expense 59,780

*Balance at January 1,2007

Prepare an income statement in goodform

Reference no: EM13611916

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