Pitkin Health Care Products provides the following alphabetic list of accounts and their respective balances. All accounts have normal balances, and income statement account balances are for the year ending December 31, 20X4. A physical count of merchandise inventory on hand at year end revealed a balance of $277,390.

Use this information to prepare a comprehensive income statement.

Transcribed Image Text:

Accounts payable $66,399 Marketing expense $111,991 Accounts receivable 82,890 Purchase discounts 1,788 Accumulated depreciation 166,554 Purchase returns & allowances 6,665 Beginning inventory, Jan. 1 244,956 Purchases 433,443 Capital stock 144,000 Rent expense 42,335 Cash 25,442 Retained earnings, Jan. 1 24,327 Depreciation expense 65,990 Salaries expense 233,998 Dividends 12,000 Salaries payable 9,955 Equipment 324,556 Sales 977,932 Freight-in 43,441 Sales discounts 8,817 Freight-out 3,566 Sales returns and allowances 13,998 Insurance expense 8,700 Utilities expense 18,887