Question

The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...

The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the company’s year end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit Credit
Cash $12,900
Accounts receivable 18,000
Prepaid insurance 2,600
Inventory 105,500
Supplies 6,300
Land 129,600
Buildings 217,300
Accumulated depreciation—buildings $92,400
Equipment 96,500
Accumulated depreciation—equipment 33,300
Accounts payable 61,600
Unearned revenue 9,000
Income tax payable 3,900
Bank loan payable 97,400
Common shares 51,000
Retained earnings 142,700
Sales 1,098,700
Sales returns and allowances 22,800
Sales discounts 13,700
Cost of goods sold 810,000
Administrative expenses 87,900
Selling expenses 39,200
Interest expense 11,100
Interest revenue 2,100
Income tax expense 18,700
$1,592,100 $1,592,100

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(a)

Prepare a single-step income statement.

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Answer #1

1062200 2100 1064300 PRONGHORN CORP Income Statement For the year ended December 31, 2018 Revenue: Net Sales Interest Revenue

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