Question

Comprehensive Accounting Cycle Review 7 (Part Level Submission) On December 1, 2019, Tamarisk, Inc. had the following account balances. Debit Credit $2,900 Cash $17,800 Accumulated Depreciation-Equipment 6,200 Notes Receivable 2,500 Accounts Payable Accounts Receivable 7,100 Common Stock 52,400 11,000 Inventory 15,900 Retained Earnings Prepaid Insurance 1,600 $72,500 Equipment 27,600 $72,500 During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $12,900, terms 1/10, n/30. 17 Sold merchandise on account $16,300, terms 2/10, n/30. The cost of the merchandise sold was $9,200. 19 Paid salaries $2,100. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,800 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $400.

just need the Income statement

Answer 1

Answer

--Requirement asked: Income Statement

Income Statement
for the month ended 31 Dec
Sales Revenue		$16,300
Less: Sales Discounts		$326
Net Sales		$15,974
Cost of Goods Sold		$9,200
Gross Profits		$6,774
Operating Expenses:
Depreciation expense	$200
Salaries & Wages expenses	$2,100
Insurance expense	$400
Total Operating Expenses		$2,700
Net Income (or Income from operation/Operating Income)		$4,074