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For instance if one of the items on the statement is

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Reference no: EM13571313

Prepare an income statement from the following:

  • Accounts Receivable $39,120 Income     Tax $32,700
  • Accumulated Depreciation $60,540         Prepaid Insurance $4,680
  • Administrative Expenses $90,000 Note   Payable $77,750
  • Retained Earnings $85,000 Salaries        Payable $3,060
  • Cost of Merchandise Sold $550,000       Sales (net) $950,000
  • Common Stock $65,000                       Selling Expenses $102,000
  • Interest Revenue $10,000                    Supplies $3,125

Please show work; for instance if one of the items on the statement is operating profits, please include which account it includes. For example, Operating profits.

Reference no: EM13571313

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