Income Statement

Name _____________________________________ ACCT 223 Extra Credit – Income Statement Using the account balances below, prepare an Income Statement in PROPER format. Not all accounts will be used. 12/31/2023 Accounts Payable Accounts Receivable Additional Paid-in Capital Automobiles Building Improvements Buildings Cash Coal Cost of Goods Sold (COGS) Common Stock $1 par, 400,000 shs authorized, 30,000 shs issued, 25,000 shs outstanding Computer Software Conferences & Travel Expense Depreciation, Depletion & Amortization Expense Dividends Paid General & Administrative Expense Goodwill Income Tax Expense Insurance Expense Interest Expense Interest Income Interest Payable Land Accumulated Amortization Accumulated Depletion Accumulated Depreciation Long-Term Bonds Payable Long-Term Note Payable Inventory Net Sales Patents Preferred Stock, $1 par, 15,000 shs outstanding Prepaid Insurance Equipment Payroll Taxes Expense Retained Earnings (1/1/23 = $100,000) Selling & Advertising Expense Short-Term Investments $ $ $ $ $ $ $ $ $ 80,000 90,000 10,000 30,000 60,000 325,000 125,000 20,000 600,000 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 30,000 40,000 10,000 15,000 10,000 155,000 120,000 30,000 60,000 20,000 25,000 20,000 130,000 (25,000) (30,000) (140,000) 195,000 205,000 25,000 1,265,000 35,000 15,000 15,000 115,000 30,000 ? 20,000 25,000 $ $ Short-term Note Payable Timber Trademarks Treasury Stock 5,000 shs Utilities Expense Wages Expense Wages Payable $ $ $ $ $ $ $ 140,000 25,000 15,000 (5,000) 20,000 130,000 20,000

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