Come up with a 2023 income statement, Assume no income tax expense for the year. You do
Question:
Come up with a 2023 income statement, Assume no income tax expense for the year.
You do not need to divide operating expenses between selling expenses and administrative expense. Do not include accounts on a statement that are unnecessary. For example, Superior will not have cost of goods sold on it's income statement
Add a 2023 statement of shareholder's equity. The beginning of the year balance in retained earnings was 50,000$ and the 45,000$ balance on the unadjusted trial balance includes a reduction to the beginning of the year balance for a 5,000$ dividend payment. No common Stock was issued that year.
BELOW IS THE WORKSHEET USE IT TO DO THE INCOME STATEMENT, THANKS
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen