Reference no: EM132479746
The following information is taken from the trial balance of GlaxonSmith Supplies Ltd. at December 31, 2021, the company's year end. GlaxonSmith has a 15% tax rate.
Cash dividends................................................................................................. $ 7,500
Common shares............................................................................................... 9,000
Cost of goods sold............................................................................................ 65,000
Dividends payable............................................................................................ 2,500
Interest revenue............................................................................................... 300
Operating expenses......................................................................................... 16,900
Preferred shares.............................................................................................. 10,000
Retained earnings, beginning balance.............................................................. 3,100
Sales revenue................................................................................................... 90,000
Instructions
Question 1: Prepare the income statement and statement of retained earnings for GlaxonSmith for the year ended December 31, 2021.
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