Question

The following is selected financial information of Gordon Publishers for the year ended December 31, 2021.

Cash	$ 35,000
Net income	6,300
Total liabilities	80,000
Stockholders’ equity	185,000
Cost of goods sold	165,000
Investing cash flows	(6,400)
Sales		210,500
Noncash assets		230,000
Financing cash flows		(87,000)
Other expenses		39,200
Operating cash flows		92,100
Cash at beginning of the year		36,300

Prepare an income statement for Gordon Publishers at December 31, 2021.

Gordon Publishers Income Statement
For Year Ended December 31, 2021
Sales				?
?				?
Gross profit				?
?				?
Net income				?

Answer 1

Solution: Gordon Publishers Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Other expenses Net income 210500 165,000 45,500 39200 6,300