The following information is taken from the trial balance of GlaxonSmith Supplies Ltd. at December 31, 2021, the company's year end. GlaxonSmith has a 15% tax rate. 
Instructions
Prepare the income statement and statement of retained earnings for GlaxonSmith for the year ended December 31, 2021.
Definitions:
Purchase
The act of acquiring goods, services, or assets in exchange for money or value.
Retirement Savings
Funds that an individual has saved and set aside for the purpose of providing income during retirement.
Fixed Rate
An interest rate that remains constant over the life of a loan, deposit, or bond.
Deposit
Money placed into a financial institution for safekeeping or in order to earn interest.
Q11: On January 1, 2021, Dino Corporation issued
Q12: Salaries to partners and interest on partner's
Q18: The Old Country Company purchased the following
Q72: Which of the following statements about dividends
Q80: On January 1, 2021, Lee Limited issues
Q82: A persuasive constraint that ensures the value
Q121: Return on equity is often higher under
Q128: All of the following will result in
Q130: In cases where the fair value of
Q170: Employer payroll costs would include an amount