At December 31,2007, the general ledger of Hoffman Electric had the followingaccount balances. All adjustingentries (except for income taxes at 35%) have been made. Thecompany had 10,400 shares of common stock outstanding during theyear.
Accounts payable $8,950 Equipment $ 80,300
Accounts receivable14,970 Gain on sale of land 4,800
Accrued liabilities21,000 Interest expense 1,420
Accumulated depreciation15,300 Merchandise18,465
Advertising expense9,968 Land 30,000
Cash9,530 Retained earnings* 57,984
Common stock36,000 Sales revenue 260,772
Cost of goods sold102,690 Utilities expense 9,002
Depreciation expense13,510 Wages expense 59,780
*Balance at January 1,2007
Prepare an income statement in goodform