Use the following select financial information to prepare a December 31 income statement. Cash $ 67,000 Services revenue $ 130,400 Accounts receivable 62,000 Rental revenue 27,000 Land 82,000 Salaries expense 77,000 Accounts payable 47,000 Insurance expense 32,000 Salaries payable 3,700 Advertising expense 6,700 Unearned revenue 9,700

Use the following select financial information to prepare a December 31 income statement. Cash $ 67,000 Services revenue $ 130,400 Accounts receivable 62,000 Rental revenue 27,000 Land 82,000 Salaries expense 77,000 Accounts payable 47,000 Insurance expense 32,000 Salaries payable 3,700 Advertising expense 6,700 Unearned revenue 9,700

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4SEB: FINANCIAL RATIOS Based on the financial statements, shown on pages 603604, for McDonald Carpeting...

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