SAW Inc. had the following account balances on 12/31/2020. Prepare the Income Statement for SAW...
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Accounting
- SAW Inc. had the following account balances on 12/31/2020. Prepare the Income Statement for SAW using proper formatting for a merchandising company (multi-step format must be used / See page 266 for example). (8pts)
Cash $12,500 Cost of Goods Sold $120,500
A/R $10,000 Pre-Paid Rent $8,000
Inventory $50,000 Utility Expense $5,500
A/P $8,000 Interest Revenue $7,500
Sales $465,000 Salaries Expense $49,000
Owner Capital $20,000 Owner Withdrawal $5,800
Sales Discount Forfeited $17,500 Rent Expense $8,500
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