At 12/31/07 the general ledger of hoffman electric had the following account balances. All adjusting entries (except for income taxes @ 35%) have been made. The company had 10,400 shares of common stock outstanding during the yr. accounts payable 8,950 , equipmen 80,300, accounts receivable 14,970, gain on sale of land 4,800, accrued liabilites 21,000, interest expense 1,420, accumulated depreciation 15,300, merchandise 18,465, advertising expense 9,968, land 30,000, cash 9,530 retained earnings, 57,984, common stock 36,000, sales revenue 260,772, cost of goods sold 102,690, utilites expense 9,002, depreciation expense 13,510 and wages expense 59,780. I tried to create a income statement with this information and was wanted to know if what i have is correct.
Sales revenue 260,772
Cost of goods sold (102,690)
Gains onsale 4800
Interest expense 1420
Am I headed in the right dirrection?
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