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Several accounts and amounts from the financial statements of a recently opened Blue Rifle Coffee appear below for the year ending December 31, Year 1.
Equipment 43,600Cash 10,600Dividends 12,000Common stock 50,000Retained earnings 37,000Accumulated depreciation 17,000Note payable, due 12-31-Yr 5 $30,000Other operating expenses 6500Sales revenue 120,000Cost of goods sold 48,000Buildings 57,500Salaries expense 11,300
Inventory 7,200Accounts receivable 3,900Accounts payable 5800
Problem 1: Create an income statement for Year 1 for Blue Rifle Coffee.
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