Cullumber Grove Hardware has the following balances in the company ledgers for the year ending December 31:

Mortgage Payable

$86,000

Interest Expense

$7,600

Prepaid Insurance

$6,000

Land

$24,900

Short-term investments

$5,300

Office salaries

$65,800

Common Shares

$18,800

Sales Salaries

$100,900

Cash

$3,000

Supplies expense

$23,300

Advertising

$51,800

Insurance expense

$7,800

Accounts Receivable

$13,200

Depreciation expense

$18,600

Sales revenue

$598,200

Income tax expense

$13,600

Accounts Payable

$9,100

Dividend Payments

$12,100

Buildings (Net)

$101,200

Interest Income

$10,500

Cost of Goods Sold

$304,400

Inventory

$17,700

Note Payable (due in 9 months)

$9,600

Retained Earnings (Beg Bal-Jan 1)

$45,000

(a)

Your Answer

Correct Answer

Partially correct answer icon

Your answer is partially correct.

Using the above information, prepare the Statement of Income.

CULLUMBER GROVE HARDWARE

STATEMENT OF INCOME

choose the accounting period

For the Year Ended December 31

enter an income statement item

Sales Revenue

$enter a dollar amount

598200

enter an income statement item

Cost of Goods Sold

enter a dollar amount

304400

select a summarizing line for the first part

Gross Profit

enter a total amount for the first part

293800

select an opening section name

Operating Expenses

enter an income statement item

Office Salaries

$enter a dollar amount

65800

enter an income statement item

Supplies Expense

enter a dollar amount

23300

enter an income statement item

Insurance Expense

enter a dollar amount

7800

enter an income statement item

Depreciation Expense

enter a dollar amount

18600

enter an income statement item

Dividend Payments

enter a dollar amount

-12100

enter an income statement item

Sales Salaries

enter a dollar amount

100900

enter an income statement item

Inventory

enter a dollar amount

-17700

select a closing section name

Total Operating Expenses

enter a total amount for this section

-254900

select a summarizing line for the second part

Total Revenues

enter a total amount for the second part

293800

enter an income statement item

Operating income

enter a dollar amount

38900

select a summarizing line for the third part

Net Operating Income

enter a total amount for all three parts

enter an income statement item

enter a dollar amount

select a closing name for this statement

Net Income / (Loss)

$enter a total net income or loss amount

eTextbook and MediaAssistance Used

List of AccountsAssistance Used

Attempts: 3 of 3 used

(b)

Prepare the Statement of Changes in Equity. (List items that increase retained earnings first.)

CULLUMBER GROVE HARDWARE

STATEMENT OF CHANGES IN EQUITY

choose the accounting period

For the Month Ended December 31

select an opening name

Net Income / (Loss)

$enter a dollar amount

select between addition and deduction

:select an item

enter a dollar amount

select between addition and deduction

:select an item

enter a dollar amount

select a closing name

$enter a total amount

eTextbook and MediaAssistance Used

List of Accounts

Last saved 25 minutes ago.Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes.Attempts: 0 of 3 used

(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.