Reference no: EM132741384

Problem 1: Listed are every account balance for Johnson Company on December 31, 2030. What would be Johnson Company's income statement on that date?

Cost of Goods Sold $180,000
Depreciation Expense $7,000
Accumulated Depreciation $52,000
Patents $10,300
Research and Development Expense $22,000
Sales Revenue $350,000
Salary Expense $44,000
Bad Debt Expense $8,200
Warranty Expense $3,000
Warranties Payable $9,000
Cash $40,000
Unearned Revenue $6,600
Inventory $50,000
Income Tax Expense $14,000
Rent Expense $4,200
Allowance for Doubtful Accounts $6,400
Dividends $20,000
Accounts Receivable $133,000
Property and Equipment $111,000
Goodwill $50,000
Accounts Payable $11,000
Capital Stock $105,000
Retained Earnings (1/1/20) $30,000
Dividends Payable $10,000
Notes Payable $42,000