An accountant is provided with the following information to prepare ABC's financial statements for the year...

 

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An accountant is provided with the following information to prepare ABC's financial statements for the year ended December 31, 2022: 1. The company sold 10,000 common shares to each of the three shareholders for $5 per share in cash. 2. The company purchased supplies at a cost of $1,000 on account. All supplies were used in the business during the year. Later in the year the company paid $250 on the account, leaving an accounts payable balance of $750. 3. The company paid rent of $12,000. 4. Equipment were purchased for use in the business. The total cost of this purchase was $50,000 for the computer equipment. The company paid $20,000 in cash and financed the balance with a loan from a local bank. During 2022, GeoPro repaid $6,000 of the principal and paid $2,400 in interest. Depreciation will begin in the year after the purchase. 5. During 2022, GeoPro completed testing for several clients and billed a total of $325,000. By the end of December 2022, $165,000 had been collected. The remainder is owed to the company and should be recorded in accounts receivable. 6. The largest expense for the business is salaries. In addition to Layne and his two friends, the company also hired a secretary and an office manager. In total, GeoPro paid $185,000 in salaries in 2022 and still owes the employees another $7,200 in salaries payable. 7. Income tax paid during the year totaled $29,350. 8. The business declared and paid a cash dividend of $15,000. 9. The balance of cash in the bank at the end of December is $45,000. Based on the above information, what numbers the accountant with report on the statement of income for salaries expense, rent expense, interest expense, supplies expense, and income tax expense? An accountant is provided with the following information to prepare ABC's financial statements for the year ended December 31, 2022: 1. The company sold 10,000 common shares to each of the three shareholders for $5 per share in cash. 2. The company purchased supplies at a cost of $1,000 on account. All supplies were used in the business during the year. Later in the year the company paid $250 on the account, leaving an accounts payable balance of $750. 3. The company paid rent of $12,000. 4. Equipment were purchased for use in the business. The total cost of this purchase was $50,000 for the computer equipment. The company paid $20,000 in cash and financed the balance with a loan from a local bank. During 2022, GeoPro repaid $6,000 of the principal and paid $2,400 in interest. Depreciation will begin in the year after the purchase. 5. During 2022, GeoPro completed testing for several clients and billed a total of $325,000. By the end of December 2022, $165,000 had been collected. The remainder is owed to the company and should be recorded in accounts receivable. 6. The largest expense for the business is salaries. In addition to Layne and his two friends, the company also hired a secretary and an office manager. In total, GeoPro paid $185,000 in salaries in 2022 and still owes the employees another $7,200 in salaries payable. 7. Income tax paid during the year totaled $29,350. 8. The business declared and paid a cash dividend of $15,000. 9. The balance of cash in the bank at the end of December is $45,000. Based on the above information, what numbers the accountant with report on the statement of income for salaries expense, rent expense, interest expense, supplies expense, and income tax expense?

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The statement of income also known as the income statement or profit and loss statement summar... View the full answer