General ledger of hoffman electric

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Reference no: EM13256418

At 12/31/07 the general ledger of hoffman electric had the following account balances. All adjusting entries (except forincome taxes @ 35%) have been made. The company had 10,400 sharesof common stock outstanding during the yr. accounts payable 8,950 ,equipmen 80,300, accounts receivable 14,970, gain on sale of land4,800, accrued liabilites 21,000, interest expense 1,420,accumulated depreciation 15,300, merchandise 18,465, advertisingexpense 9,968, land 30,000, cash 9,530 retained earnings, 57,984,common stock 36,000, sales revenue 260,772, cost of goods sold102,690, utilites expense 9,002, depreciation expense 13,510 andwages expense 59,780. I tried to create a income statementwith this information and was wanted to know if what i have iscorrect.

sales revenue           260,772
cost of goods sold     (102,690)
GrossProfit               158,082
AdvertisingExp          9968
utilitiesex                  9002
depreciationex          13510
gains onsale               4800
interest expense        1420
Incometaxes             ?

Reference no: EM13256418

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