Accounts navable

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Need some help please and thank you 

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.
Transcribed Image Text: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.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education