Shown below are the account balances for Heron Corp. for their year-end September 30, 2020: 

Cash.................................................. $ 10,475 

Accounts receivable......................... 16,640 

Inventory........................................... 98,220 

Building.............................................. 188,600 

Accumulated depreciation—building 72,600 

Accounts payable............................. 14,850 

Common shares............................... $154,525 

Retained earnings, beginning............ 40,720 

Dividends declared........................... 7,500 

Sales revenue................................... 265,000 

Cost of goods sold............................ 143,600 

Salaries and wages expense............ 64,540 

Depreciation expense....................... 12,850 

Utilities expense................................ 3,300 

Supplies expense.............................. 1,970 

Instructions Given the above information, prepare the 

a) Statement of Income, 

b) Statement of Changes in Equity, and 

c) Classified Statement of Financial Position.

Answer rating: 100% (QA)

Solution a HERON CORPORATION Statement of Income For the Year Ended September 30 2020 ... View the full answer