Prepare the companys income statement prepare the companys


Mackenzie, Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2013:

                                                                   Debit                Credit

Cash                                                             2,520

Accounts Receivable                                        3,570

Allowance for Doubtful Accounts                                                130

Inventory                                                       7,220

Prepaid Insurance                                            830

Land                                                             5,400

Buildings and Equipment                                    30,800

Accumulated Depreciation                                                          15,400

Accounts Payable                                                                     2,880

Salaries Payable                                                                       330

Unearned Rent                                                                         360

Income Taxes Payable                                                                2,262

Note Payable (due July 2017)                                                       4,550

Interest Payable (due July 2017)                                                  770

Common Stock (1,400 shares)                                                     8,400

Retained Earnings, January 1, 2013                                              11,100

Dividends                                                        1,120

Sales Revenue                                                                          33,300

Sales Returns                                                   2,410

Rent Revenue                                                                            1,450

Cost of Goods Sold                                           15,900

Selling Expenses                                               4,970

Administrative Expenses                                     3,160

Interest Expense                                               770

Income Tax Expense                                          2,262

Totals                                                             80,932                80,932

1. Prepare the company's income statement

2. Prepare the company's statement of retained earnings

3. Prepare the company's closing entries in the general journal

4. Prepare the company's balance sheet

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Accounting Basics: Prepare the companys income statement prepare the companys
Reference No:- TGS0920820

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