Exercise 206 (Part Level Submission) The following items are taken from the fina

Question

Exercise 206 (Part Level Submission) The following items are taken from the financial statements of Grove Company for 2017 Accounts payable Accounts receivable $18,500 8,000 Accumulated depreciation-equipment 4,800 18,000 24,000 25,000 27,000 4,800 5,300 44,000 2,500 7,500 16,000 5,200 50,500 4,500 Bonds payable Common stock Cost of goods sold Equipment Interest expense Retained earnings, January 1 Salaries and wages expense Sales revenue (al) Prepare an income statement. GROVE COMPANY For the Year Ended December 31, 2017 Click if you would like to Show Work for this question:Open Show Work

Explanation / Answer

Grove Company

Income statement for the year ended December 31,2017

Particulars Amount($)

Sales revenue $50500

Cost of goods sold ($27000)

Gross profit $23500

Depreciation expense ($4800)

Salaries and wages expense ($5200)

Interest expense ($2500)

Net income $11000.

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