The Balances on December 31,2015 Are Available for Matthew Company

question 83

Essay

The balances on December 31,2015 are available for Matthew Company:
$\begin{array}{ll}\text { Accounts payable } & \$ 2,550 \\\text { Accounts receivable } & 3,550 \\\text { Accumulated depreciation } & 6,250 \\\text { Retained earnings, December 31, 2014 } & 6,450\\\text { Cash } & 2,300 \\\text { Cost of goods sold } & 52,300 \\\text { Depreciation expense } & 2,500 \\\text { Dividends declared } & 8,800 \\\text { Equipment } & 29,000\\\text { Income taxexpense } & 10,700 \\\text { Interest expense } & 1,150 \\\text { Inventory } & 6,250 \\\text { Long-term notes payable } & 11,500 \\\text { Paid-in capital } & 4,450\\\text { Prepaid rent } & 350 \\\text { Rent expense } & 4,000 \\\text { Sales } & 120,000 \\\text { Wage expense } & 41,900 \\\text { Wages payable } & 3,000\end{array}$
Required:
Prepare a multiple-step income statement for the year ended December 31,2015.

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