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Prepare manleys income statement for the year ended december

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Reference no: EM13856226

Problems

Manley Corporation's trial balance at December 31, 2010 consisted of the following account balances:

Cash

$100,000

Sales

350,000

Unearned Revenue

2,500

Accounts Receivable

235,000

Accounts Payable

112,500

Salaries (paid to employees)

90,000

Common Stock

2,000

Cost of Goods Sold

200,000

Notes Payable

2,300

Tax Expense

18,000

Additional Paid-In Capital

15,700

Required:

a. Prepare Manley's December 31, 2010 balance sheet. (Hint: You must compute a missing amount.)

b. Prepare Manley's income statement for the year ended December 31, 2010.

Reference no: EM13856226

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