Problem 2-3B (Part Level Submission) You are provided with the following informa

Question

Problem 2-3B (Part Level Submission) You are provided with the following information for Sarasota Corp., effective as of its April 30, 2014, year-end $3,160 10,335 6,600 3,140 21,140 20,555 2,860 24,435 20,510 Accounts payable Accounts receivable Accumulated depreciation-equipment Depreciation expense Common stock Sales revenue Income tax expense Income taxes payable Interest expense Interest payable Notes payable (due in 2018) Prepaid rent Rent expense Retained earnings, beginning Salaries and wages expense 410 4,885 13,960 6,025 (al) Prepare an income statement for Sarasota Corp. for the year ended April 30, 2014 Sarasota Corp.

Explanation / Answer

Income Statement For the year ended April 30,2014 Revenue Sales revenue 20510 Expenses: Salaries and wages expense 6025 Rent expense 845 Depreciation expense 3140 Interest expense 410 Income tax expense 760 Total expense 11180 Net income(loss) 9330

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