Prepare Income Statement and Balance Sheet from the
following
Accounts payable
249,750
Accounts receivable
777,000
Accumulated depreciation
416,250
Advertising expense
55,500
Allowance for doubtful accounts
57,665
Bad debt expense
41,070
Capital gains
12,210
Capital stock (common)
999,000
Cash
376,623
Charitable contributions
29,970
Compensation expense
1,443,000
Cost of goods sold
921,300
Depreciation expense
22,200
Dividends (paid)
88,800
Dividends (received)
13,320
Entertainment expense
6,771
Equipment
832,500
Federal income tax expense
278,388
Gain from disposition of fixed assets
4,496
Interest expense
68,820
Interest...