Question: The income statement portion is really long so it is split into 2 pictures. Accounting is very confusing, can someone please help me? URCES Problem

The income statement portion is really long so it is split into 2 pictures. Accounting is very confusing, can someone please help me?  The income statement portion is really long so it is split
into 2 pictures. Accounting is very confusing, can someone please help me?
URCES Problem 4-4 The following account balances were included in the trial
balance of Sarasota Corporation at June 30, 2017 Sales revenue $1,589.100 Depreciation
expense (office furniture and equipment) $7,364 Sales discounts 32.320 Property tax expense
7.162 Cost of goods sold 903,300 Bad debt expense (selling) 5.229 Salaries

URCES Problem 4-4 The following account balances were included in the trial balance of Sarasota Corporation at June 30, 2017 Sales revenue $1,589.100 Depreciation expense (office furniture and equipment) $7,364 Sales discounts 32.320 Property tax expense 7.162 Cost of goods sold 903,300 Bad debt expense (selling) 5.229 Salaries and reges expense (sales) 57,960 Maintenance and repairs expense (administration) 8,940 Sales commissions 98.100 office expense 6,140 Travel expense (salespersons) 34,000 Sales returns and allowances 62.236 Delivery expense 23.400 Dividends received 39,100 Entertainment expense 15.050 Interest expense 18.310 Telephone and Internet expense (sales) 9,090 Income tax expense 92.300 Depreciation expense (sales equipment) 5,162 Depreciation understatement due to arror-2014 (net of tax) 17.506 Maintenance and repairs expense (sales) 3.990 Dividends declared on preferred stock 9.280 Miscellaneous selling expenses 5.066 Dividends declared on common stock 37.000 Office supplies used 3.460 Telephone and Internet expense (administration) 3,018 The Retained Earnings account had a balance of $331.960 at July 1, 2016. There are 82.400 shares of common stock outstanding SARASOTA CORPORATION Retained Earnings Statement KKK

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!