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  3. problem 3- income statement the following items we

Problem 3- Income Statement The following items were taken from the accounting records of a...

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Accounting

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Problem 3- Income Statement The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable Building 32,000 Trademarks 255,000 Accrued Expenses 15,000 Payable 6,000 9,000 Short-term Notes Cash 35,000 Equipment Retained Earnings 411,000 Interest Receivable Prepaid Expenses 12,000 Inventory 76,000 Common Stock 1,000 2,000 82,000 25,000 62,000 9,000 + Sales 123,000 Dividends paid Salary Expense 22,000 Cost of Goods Sold Utility Expense 8,000 Income Tax Expense Prepare an income statement. Introduction to Financial Statements-Practice Problem 4-Cash Flow Statement The following items occurred during the year. State where the item would be reported on the cash flow statement Operating Activities (O), Investing Activity (), or Financing Activity (F) ons a sias 1. Collections from customers 2. Payments to suppliers 3. Payments for

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