9 saunders enterprises had the following account balances at december 31 2007 cash22 4352264

9.Saunders Enterprises had the following account balances at December 31, 2007:

Cash225,000

Contributed capital240,000

Computer equipment41,000

Cost of goods sold290,000

Inventory30,000

Land60,000

Loans payable18,000

Machinery50,000

Notes payable50,000

Rent expense12,000

Retained earnings, beginning of year0

Sales revenue500,000

Supplies6,000

Supplies expense14,000

Wages expense80,000

Required:

Prepare an income statement for the year.

10.Hamilton Company had the following account balances at December 31, 2007:

Buildings335,000

Cash40,000

Contributed capital180,000

Cost of goods sold125,000

Equipment122,000

Fees earned for service75,000

Land80,000

Merchandise inventory34,000

Owed to owners38,000

Retained earnings, beginning of year0

Sales revenue540,000

Interest expense2,000

Supplies expense8,000

Utilities expense15,000

Wages expense72,000

Required:

Prepare an income statement for the year.

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