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:

Earth's Mantle

The part of the earth's interior between the crust and the outer core, composed of silicate rocks that are rich in magnesium and iron.

Lithosphere

The outermost layer of Earth, comprising the crust and the upper mantle, characterized by its solid and rigid properties.

Earth's Volume

The total three-dimensional space occupied by Earth, calculated to be around 1 trillion cubic kilometers.

Nonrenewable Resources

Resources that do not replenish at a sustainable rate compared to their consumption, including fossil fuels and minerals.