Reference no: EM132488816

Question 1: Below are items and the amounts taken from Phillipex Company's 2022 income statement and balance sheet. Draw up a properly aligned income statement for the year ended December 31, 2022.

Cash                                                 $ 90,800

Accounts receivable                             $ 91,000

Retained earnings                                 124,300

Sales revenue                                     590,200

Cost of goods sold                              436,400

Notes payable                                     6,500

Salaries and wages expense               118,600

Accounts payable                              56,400

Prepaid insurance                                8,100

Service revenue                                 4,900

Inventory                                      65,000

Interest expense                             1,870