Accounting-Records Company Name____________________________ Income Statement

| January 30, 2017

Question
Records Company Name____________________________
Income Statement
Year Ended December 31, 2016
Sales $180,000
Cost of Goods Sold ($110,000)
Depreciation Expense ($30,000)
Operating Expense ($18,000)
Loss on sale of land ($1,000)
Gain-sale of equipment $5,000
Net Income $26,000
Balance Sheet 2016 2015 2016 2015
Cash $35,000 $53,000 Accounts Payable $18,000 $13,000
Accounts Rec $25,000 $32,000 Interest Payable $17,000 $25,000
Inventory $40,000 $32,000 Salaries Payable $15,000 $10,000
Prepaid Expense $5,000 $4,000 Notes Payable $20,000 $30,000
Investments $15,000 $10,000 Bonds Payable $30,000 $35,000
Land $15,000 $18,000 Common Stock $143,000 $133,000
Build & Equip, net $145,000 $122,000 Retained Earnings $37,000 $25,000
$280,000 $271,000 $280,000 $271,000
Additional Information:
A. Purchased investments.
B. Purchased $56,000 of equipment.
C. Paid off $10,000 of notes payable by issuing common stock
D. Paid dividends
E. Sold equipment with a book value of $3,000 for a gain of $5,000.
F. Sold land for a loss of $1,000
Records Statement of Cash Flows

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