• prepare:$1.$ The income statement.$2.$ The statement of retained earnings.$3.$ The balance sheet.$4.$ Ratios that can be calculated from the data presented. Debit $Cash $938,816$Accounts receivable $560,000$ Inventory $720,000$Long term investment $174,400$Property, plant, and equipment $800,000$Discount on bonds payable $85,360$ Dividends $64,000$Treasury stock $608,000$Cost of goods sold $960,000$Selling and administrative expenses $400,000$Depreciation expense $80,000$Other expense $128,000$Bad debt expense $7,200$Rent expense $160,000$Interest expense $70,784$Income tax expense $48,000$Totals $5,804,560$Credit $Allowance for bad debts $8,800$ Accumulated depreciation $320000$Accounts payable $131200$Accrued payables $96000$Unearned revenues $128000$Other long term liability $85424$Bonds payable $800000$Deferred income tax. $51136$Preferred stock $800000$Common stock$80000$Additional paid$-$in capital $88000$Retained earnings$480000$Operating revenues $1,944,000$ Totals $5,804,560$

  
  

 

Answer rating: 100% (QA)

1 Income Statement Operating Revenues 1944000 Cost of Goods Sold 960000 Gross Profit 984000 Selling ... View the full answer