Butler Corporation has provided the following information pertaining to the year ended December 31, 2020 

Accounts Payable $16,700 

Interest Expense $2,500 

Accounts Receivable $24,000

Inventory $15,200 

Accumulated Depreciation 

Building $31,500 

Long term 

Notes Payable $10,000 

Advertising Expense $5,200 

Prepaid Insurance $3,700 

Building$125,000 

Retained Earnings (1120) $36,000 

Common Stock$51,200

Salaries Expense $12,250 

Cash$8,000

Salaries Payable $8,100 

Cost of Goods Sold$115,000

Sales Revenue$162,500 

Depreciation Expense $2,700 

Supplies Expense $950 

Insurance  Expense$1,500 

THERE ARE NO INCOME TAXES Using the information from above, prepare a classified income statement for the year ended December 31, 2020 Be sure to include the heading for this financial statement.

Answer rating: 100% (QA)

Butler Corporation Income Statement For the year ended Dece... View the full answer