Backus Tractor Sales The accountant prepared the following list of account balances from the company's records for the year ended December 31, 2013. Be careful: not every item on this list belongs to the income statement. You must only use those items that belong to the income statement (revenues and expenses).
Sales Revenue $1,650,000
Cash $300,000
Accounts Receivable 140,000
Selling Expenses 440,000
Equipment 420,000
Common Stock 170,000
Accounts Payable 120,000
Interest Income 30,000
Salaries & Wages Expense 400,000
Cost of Sales 510,000
Inventories 220,000
Prepaid Expenses 20,000
Income Taxes Payable 50,000
Income Taxes Expense 180,000
Notes Payable 200,000
Retained Earnings 120,000.
Prepare an Income Statement for Backus Tractor Sales in Excel. Submit your Excel file.