Prepares the statement of income and expenses of a stage o

× | Prepares the statement of income and expenses of a stage of the company ECHO, with the following information of the accounts greater than December 31 of 20xx (those 0 that apply) accounts payable- $97,200 accounts receivable- $ 64,300 accumulated depreciation-office-$ 72,750 accumulated depreciation-building-$ 162,100 administrative expenses-$ 56,500 ECHO, capital-81,750 cash $ 53,000 cost of goods sold- $ 121,700 ECHO, withdrawals- $ 52,000 interest expenses- $ 12,000 merchandise inventory- $ 93,250 notes payable- $ 154,000 office equipment- $ 149,750 prepaid insurance- $ 6,500 Income for rent- $ 17,500 soloes p098 510 wages payable- $ 28,700 sales- $ 365,500 sales expenses- $ 41,500 equipment- $ 325,000 office supplies- $ 4,000 Suggest ar edit

Solution

     Statment of incomes and expenses

sales = 365500

less: cost of goods sold = (121700)

   Gross profit = 243800

Add: Rent income = 17500

261300

less: Sales expenses (41500)

less: Administrative expenses (56500)

less: Interest expense (12000) (110000)

   Net income = $151300

Note:-   Statment of incomes and expenses includes only nominal accounts expenses not real and personal accounts expenses