Dividends 3,650 Service Revenue 15,500 Salaries and Wages Expense 10,500 Rent Expense 750 Depreciation Expense 650 Interest Expense 70 Interest Payable 70 Totals 59,400 59,400 (a1) Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g.- parentheses e.g. (55).) Bridgeport Company Income Statement

Fortune Corporation's comparative balance sheet showed noncash current assets and liabilities as follows: Dec. 31, Year 2 Dec. 31, Year 1 $7,639 $4,034 11,762 16,277 4,443 5,510 4,585 2,265 Accounts receivable Merchandise inventory Accounts payable Dividends payable Adjust Year 2 net income of $48,103 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.

1

Times interest earned A company reports the following: Income before income tax expense $1,271,600 Interest expense                                          187,000 Determine the times interest earned ratio. If required, round the answer to one decimal place.

Single-Step Income Statement The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8: Cash   $187,875   Retained Earnings   $ 571,050   Accounts Receivable   337,500   Dividends   281,250   Inventory   855,000   Sales   8,025,750   Estimated Returns Inventory   78,750   Cost of Goods Sold   4,893,750   Office Supplies   33,750   Sales Salaries Expense   874,800   Prepaid Insurance   27,000   Advertising Expense   103,275   Office Equipment   259,200   Depreciation Expense— Store Equipment   18,675   Accumulated Depreciation— Office Equipment   111,375   Miscellaneous Selling Expense   4,500   Store Equipment   1,150,875   Office Salaries Expense   174,150   Accumulated Depreciation— Store Equipment   420,075   Rent Expense   89,775   Accounts Payable   109,350   Insurance Expense   51,638   Customer Refunds Payable   78,750   Depreciation Expense— Office Equipment   36,450…

PR 2-2A only questions 3-5