Selected Data from the Ledger of Jones Co $\text { Prepare a single-step income statement for the year ended June } 30,2016 .$

question 65

Essay

Selected data from the ledger of Jones Co.after adjustment at June 30, the end of the fiscal year, are listed as follows: $\begin{array}{lrlr}\text { Accounts Receivable } & \$ 25,000 & \text { Prepaid Insurance } & \$ 2,250 \\\text { Accumulated Depreciation } & 35,200 & \text { Notes Payable } & 60,150 \\\text { Administrative Expenses } & 80,000 & \text { Retained Earnings } & 55,000 \\\text { Capital Stock } & 40,000 & \text { Salaries Payable } & 3,000\\\text { Cost of Merchandise Sold } & 320,000 & \text { Sales (net) } & 550,000 \\\text { Dividends } & 22,000 & \text { Selling Expenses } & 65,000 \\\text { Interest Revenue } & 3,000 & \text { Supplies } & 2,750 \\\text { Office Equipment } & 70,500 & &\end{array}$
$\text { Prepare a single-step income statement for the year ended June } 30,2016 .$

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Definitions:

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