Selected Data from the Ledger of Wiles Co Prepare a Single-Step Income Statement for the Year Ended June

question 119

Essay

Selected data from the ledger of Wiles Co. after adjustment at June 30, the end of the fiscal year, are listed as follows:
$\begin{array}{llll}\$ 4,680 & \text { Prepaid Insurance } & \$ 39,120 & \text { Accounts Receivable } \\77,750 & \text { Notes Payable } & 60,540 & \text { AccumulatedDepreciation } \\75,000 & \text { Retained Earnings } & 90,500 & \text { Administrative Expenses } \\3,060 & \text { Salaries Payable } & 60,000 & \text { Capital Stock } \\920,000 & \text { Sales (net) } & 655,000 & \text { Cost of Merchandise Sold } \\110,000 & \text { Selling Expenses } & 40,000 & \text { Dividends } \\3,125 & \text { Supplies } & 10,500 & \text { Interest Revenue } \\& & 82,700 & \text { Office Equipment }\end{array}$
Prepare a single-step income statement for the year ended June 30, 2013.

---

Definitions:

Sample Statistic

A numerical measure that describes an aspect of a sample drawn from a population.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean.

Standard Deviation

An indicator of the spread or fluctuations in a data set, showing the degree to which the data points deviate from the average value.

Parameter

A numerical characteristic of a statistical population, such as a mean or standard deviation, that describes some aspect of the population.