The Income Statement Account Balances on December 31,2010,for Janice Corporation

question 42

Essay

The income statement account balances on December 31,2010,for Janice Corporation appear below.In addition,beginning merchandise inventory was $3,000 and ending merchandise inventory was $4,000.Prepare a 2010 income statement for the company.
$\begin{array}{|l|r|}\hline \text { Account Name }&\text { Balance }\\\hline \text { Sales } & \$ 100,000 \\\text { Sales Returns and Allowances } & 1,500 \\\text { Purchases } & 50,000 \\\text { Purchases Returns and Allowances } & 3,000 \\\text { Freight-In } & 5,000 \\\text { Selling Expense } & 25,000 \\\text { General and Administrative Expenses } & 10,000 \\\text { Income Taxes Expense } & 1,800 \\\hline\end{array}$

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Algebraic Expression

A combination of numbers, variables, and operations that represents a specific value when evaluated.

Absolute Value

The distance of a number from zero on the number line, without considering its direction; it’s always non-negative.

Algebraic Expression

An expression composed of variables, numbers, and arithmetic operations.

Decreased

To become smaller or less in size, quantity, intensity, or degree.