Prepare an income statement for China Tea Company for the year ended December 31, 2018. Debit 10,900 154,000 5,400 29,000 340,000 Credit Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue 129,000 34,000 34,000 4,400 1,400 220,000 58,800 440,000 Costs of goods sold Salaries expense 200,000 124,000

Prepare an income statement for China Tea Company for the year ended December 31, 2018. Debit 10,900 154,000 5,400 29,000 340,000 Credit Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue 129,000 34,000 34,000 4,400 1,400 220,000 58,800 440,000 Costs of goods sold Salaries expense 200,000 124,000

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.21MCE

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