Prepare a statement of income in good form

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Reference no: EM133018409

Problem - The following list is a partial list of account balances for the RedBird Company as at December 31, 20x4:

Accounts payable 11,500

Accounts receivable 27,860

Bank loan, due December 31, 20x8 60,000

Cash 36,980

Common stock 50,000

Cost of goods sold 151,200

Depreciation expense 8,640

Dividends declared 4,000

Interest expense 6,480

Income tax expense 7,380

Insurance expense 4,140

Inventory 80,540

Income taxes payable 2,450

Office equipment 43,200

Office supplies 6,500

Office supplies expense 15,800

Prepaid insurance 1,440

Rent expense 38,340

Salary expense 32,400

Salaries payable 2,680

Sales 283,680

Required - Prepare a Statement of Income in good form.

Reference no: EM133018409

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