The Accountant for Taryn Corporation Prepared the Following List of Account

question 137

Essay

The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2016:
​ $$\begin{array} { l r l r } \text { Sales revenue } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Common stock } & 41,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Salaries and wages expense } & 40,000 & \text { Cost of sales } & 51,000 \\\text { Inventories } & 22,000 & \text { Prepaid expenses } & 2,000 \\\text { Income taxes payable } & 5,000 & \text { Income taxes expense } & 18,000 \\\text { Notes payable } & 20,000 & \text { Retained earnings } & ?\end{array}$$ ​
​
-Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

---

Definitions:

Chlorine

A chemical element with symbol Cl and atomic number 17, known for its disinfectant properties and use in bleach.

Crystal Lattice

A highly ordered structure of atoms or molecules extending in three spatial dimensions.

Denatured Alcohol

Ethanol that has additives to make it poisonous, bad-tasting, foul-smelling, or nauseating, to discourage recreational consumption.

Balanced Equation

A chemical equation in which the number of atoms for each element is the same on both the reactant and product sides, indicating matter conservation.