For instance if one of the items on the statement is

Assignment Help Accounting Basics

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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