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

Question 121

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

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