Solution-Prepare manleys income statement for the year

Prepare manleys income statement for the year ended december

Reference no: EM13856226

Problems

Manley Corporation's trial balance at December 31, 2010 consisted of the following account balances:

Cash	$100,000
Sales	350,000
Unearned Revenue	2,500
Accounts Receivable	235,000
Accounts Payable	112,500
Salaries (paid to employees)	90,000
Common Stock	2,000
Cost of Goods Sold	200,000
Notes Payable	2,300
Tax Expense	18,000
Additional Paid-In Capital	15,700

Required:

a. Prepare Manley's December 31, 2010 balance sheet. (Hint: You must compute a missing amount.)

b. Prepare Manley's income statement for the year ended December 31, 2010.

Reference no: EM13856226

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Prepare manleys income statement for the year ended december : Prepare Manley's December 31, 2010 balance sheet. (Hint: You must compute a missing amount.) Prepare Manley's income statement for the year ended December 31, 2010.

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Prepare manleys income statement for the year ended december

Reference no: EM13856226

Reference no: EM13856226

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