PLEASE EXPLAIN [The following information applies to the questions displayed bel

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PLEASE EXPLAIN

[The following information applies to the questions displayed below.] Assume that you are the president of Gaslight Company. At the end of the first year (December 31, 2011) of operations, the following financial data for the company are available: Cash $ 24,500 Receivables from customers (all considered collectible) 10,800 Inventory of merchandise (based on physical count and priced at cost) 81,000 Equipment owned, at cost less used portion 40,700 Accounts payable owed to suppliers 46,140 Salary payable for 2011 (on December 31, 2011, this was owed to an employee who was away because of an emergency; will return around January 10, 2012, at which time the payment will be made) 1,800 Total sales revenue 126,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 80,200 Income taxes expense at 30% x pretax income; all paid during 2011 ? Contributed capital, 7,000 shares outstanding 87,000 Dividends declared and paid during 2011 10,000 Prepare a summarized income statement for the year 2011. (Input all amounts as positive values. Omit the "$" sign in your response.) GASLIGHT COMPANY Income Statement For the Year Ended December 31, 2011 Total sales revenue $ 126000 Total expenses 80200 Income tax expense (Click to select) Cost of sales Accounts payable Administrative expense Income tax expense Interest expense

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