Financial information for Forever 18 includes the following selected data (in millions): ($ in millions) 2018 2017 Net income $
1 answer:
You might be interested in
Answer:
Kindly check attached picture
Explanation:
Given the details below
Accounts Debit Credit
Cash $16,000
Accounts receivable 162,000
Prepaid rent 10,000
Supplies 31,000
Equipment 370,000
Accumulated depreciation $129,000
Accounts payable 11,000
Salaries payable 3,500
Interest payable 1,900
Notes payable (due in two years) 37,000
Common stock 210,000
Retained earnings 176,100
Dividends 27,000
Service revenue 360,000
Salaries expense 150,000
Advertising expense 75,000
Rent expense 18,000
Depreciation expense 32,000
Interest expense 2,500
Utilities expense 35,000
Totals $928,500 $928,500
Prepare an income statement for China Tea Company for the year ended December 31, 2021
Kindly check attached picture
