Reference no: EM132835970
Question - G23y-O3 Company began operations in 2022. During 2022, G23y-O3 Company recorded the following transactions:
1. On May 1, G23y-O3 Company sold common stock to owners for $224,800 cash.
2. On June 1, G23y-O3 Company borrowed $175,300 from the local bank on an 11-month, 12% note payable.
3. On August 1, G23y-O3 Company paid $33,000 cash to purchase inventory.
4. On September 1, G23y-O3 Company purchased a one-year insurance policy costing $30,360.
During 2023, G23y-O3 Company entered into the following transactions:
1. On March 1, G23y-O3 Company sold one-half of the inventory that was purchased on August 1, 2022 for $66,000 cash.
2. On May 1, G23y-O3 Company paid its stockholders a $24,000 dividend.
3. On September 1, G23y-O3 Company paid $31,320 to renew its insurance policy for another one year.
Required - Calculate the amount of total expenses reported on G23y-O3 Company's 2023 income statement.
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