Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $230,000 69,000 16,900 26,500 Decrease in accounts payable Increase in income tax payable $395,000 342,400 $ 52,600 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable $ 6,900 13,900 9,900 5,900 8,900 23,600

Portions of the financial statements for Petoskey Technologies are provided below. PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $230,000 69,000 16,900 26,500 Decrease in accounts payable Increase in income tax payable $395,000 342,400 $ 52,600 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable $ 6,900 13,900 9,900 5,900 8,900 23,600

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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