At December 31,2007, the general ledger of Hoffman Electric had the following account balances.
All adjusting entries (except for income taxes at 35%) have been made. The company had 10,400 shares of common stock outstanding during the year.
Accounts payable $8,950 Equipment $ 80,300
Accounts receivable14,970 Gain on sale of land 4,800
Accrued liabilities 21,000 Interest expense 1,420
Accumulated depreciation 15,300 Merchandise 18,465
Advertising expense 9,968 Land 30,000
Cash 9,530 Retained earnings* 57,984
Common stock 36,000 Sales revenue 260,772
Cost of goods sold 102,690 Utilities expense 9,002
Depreciation expense13,510 Wages expense 59,780
Balance at January 1,2007
Prepare an income statement in good form