9.Saunders Enterprises had the following account balances at December 31, 2007:
Cash225,000
Contributed capital240,000
Computer equipment41,000
Cost of goods sold290,000
Inventory30,000
Land60,000
Loans payable18,000
Machinery50,000
Notes payable50,000
Rent expense12,000
Retained earnings, beginning of year0
Sales revenue500,000
Supplies6,000
Supplies expense14,000
Wages expense80,000
Required:
Prepare an income statement for the year.
10.Hamilton Company had the following account balances at December 31, 2007:
Buildings335,000
Cash40,000
Contributed capital180,000
Cost of goods sold125,000
Equipment122,000
Fees earned for service75,000
Land80,000
Merchandise inventory34,000
Owed to owners38,000
Retained earnings, beginning of year0
Sales revenue540,000
Interest expense2,000
Supplies expense8,000
Utilities expense15,000
Wages expense72,000
Required:
Prepare an income statement for the year.