following is a list of all the income statement accounts that have been used in the 536613
Following is a list of all the income statement accounts that have been used in the questions in this book. Next to each account is the sum of all the debits to that account and the sum of all credits to that account. Note that these totals reflect all the debits and credits to each account in all chapters of the text, not just the previous three chapters.
Use the information to construct an income statement for LCI.
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following is a list of all the income statement accounts that have been used in the 536613
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|
Account |
Debits |
Credits |
|
SALES REVENUE |
$ 0 |
1,697,125 |
|
INTEREST REVENUE |
0 |
131,126 |
|
COST OF GOODS SOLD |
645,000 |
0 |
|
SALARY EXPENSE |
480,000 |
0 |
|
COMMISSION EXPENSE |
70,450 |
0 |
|
PAYROLL TAX EXPENSE |
120,000 |
0 |
|
RENT EXPENSE |
44,000 |
0 |
|
UNCOLLECTIBLE |
80,215 |
0 |
|
ACCOUNT EXPENSE |
||
|
DEPRECIATION |
11,250 |
0 |
|
EXPENSE—EQUIPMENT |
||
|
AMORTIZATION |
200,000 |
0 |
|
EXPENSE—PATENTS |
||
|
PATENT LICENSE EXPENSE |
$120,000 |
0 |
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