ban Payable (in 3 years) Prepaid Rent Common Shares $35,000 Rent Expense $25,000 Cash $7,000 Wages Payable $15,000 Salaries Expense $5,000 Cost of Goods Sold $10,000 $150,000 Advertising Expense Accounts Receivable $270,000 $50,000 Insurance Expense $10,000 $15,000 Depreciation Expense Sales $20,000 $550,000 Income Tax Expense $10,000 Accounts Payable $12,000 Dividend Declared $15,000 Equipment (Net of Accum Depn) $10,000 $50,000 Rent Revenue $20,000 Inventory Retained Earnings (Oct 1, 2019) $25,000 3 14 15 Required: (15 marks) 16 17 1.Prepare a statement of income on the form provided on the below. (7 marks) 18 19 20 New... Sheet1 144 >> 2 acer
