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The accountant for Taryn Corporation prepared the following list of account balances from the Company’s records...

The accountant for Taryn Corporation prepared the following list of account balances from the

Company’s records for the year ended December 31, 2014:

Sales revenue                                           $165,000                           Cash                                    $ 30,000

Accounts receivable                                   14,000                           Selling expenses                   44,000

Equipment                                                    42,000                           Common stock                      41,000

Accounts payable                                        12,000                         Interest income                        3,000

Salaries and wages expense                     40,000                            Cost of sales                           51,000

Inventories                                                   22,000                         Prepaid expenses                      2,000

Income taxes payable                                  5,000                           Income taxes expense           18,000

Notes payable                                             20,000                          Retained earnings                          ?

Required: Answer the following questions for Taryn Corporation:

a. Prepare an income statement for Taryn Corporation in good form.

b. What is the amount of Total revenues for 2014.                                          ________

c. What is the amount of Total expenses for 2014.                                          ________

d. What is the purpose of the income statement?

e. Is Taryn Corp. profitable? Explain your answer.

f. Is this the first year of operations for Taryn Corp.? Explain your answer.

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Expert Solution

ekkarill92 answered 2 years ago
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