Back Country Airlines has the following accounts and balances as of their year-end, December 31st, 20X1...

 

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Back Country Airlines has the following accounts and balances as of their year-end, December 31st, 20X1 (assume all balances are "normal"). In good form (including proper headings subtotals, labels, etc...), prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet. Accounts Payable 3,600 Insurance Expense 2,800 Accounts Receivable 21,100 Interest Expense 75 Accumulated Depreciation - Equipment 14,000 Inventory 5,000 Cash 72,375 Long-term Notes Payable 2,000 Common Stock 80,000 Rent Expense 6,000 Cost of Goods Sold 11,000 Retained Earnings 18,600 Dividends 2,000 Sales 40,050 Depreciation Expense 1,500 Taxes Payable 1,000 Equipment 30,000 Wages Expense 3,800 Fuel Expense 3,600 Back Country Airlines has the following accounts and balances as of their year-end, December 31st, 20X1 (assume all balances are "normal"). In good form (including proper headings subtotals, labels, etc...), prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet. Accounts Payable 3,600 Insurance Expense 2,800 Accounts Receivable 21,100 Interest Expense 75 Accumulated Depreciation - Equipment 14,000 Inventory 5,000 Cash 72,375 Long-term Notes Payable 2,000 Common Stock 80,000 Rent Expense 6,000 Cost of Goods Sold 11,000 Retained Earnings 18,600 Dividends 2,000 Sales 40,050 Depreciation Expense 1,500 Taxes Payable 1,000 Equipment 30,000 Wages Expense 3,800 Fuel Expense 3,600

Answer rating: 100% (QA)

Income Statement Sales 30000 Cost of Goods Sold 80000 Gross Profit 50000 Operating Expenses Deprecia... View the full answer