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monica_d
Mar 22, 2010, 10:46 AM
QED Electronics Company had the following transactions during April while conducting its television and stereo repair business.
1. A new repair truck was purchased for $19,000.
2. Parts with a cost of $1,600 were received and used during April.
3. Service revenue for the month was $33,400, but only $20,500 was cash sales. Typically, only 95 percent of sales on account are realized.
4. Interest expense on loans outstanding was $880.
5. Wage costs for the month totaled $10,000, however, $1,400 of this had not yet been paid to the employees.
6. Parts inventory from the beginning of the month was depleted by $2,100.
7. Utility bills totaling $1,500 were paid. $700 of this amount was associated with March's operations.
8. Depreciation expense was $2,700.
9. Selling expenses were $1.900.
10. A provision for income taxes was established at $2,800, of which $2,600 had been paid to the federal government.
11. Administrative and miscellaneous expenses were recorded at $4,700.

Required:

Prepare a detailed April income statement.

Clough
Mar 22, 2010, 12:54 PM
Hi, monica_d!

What work have you already done on this, please?

Also, please click on the following link to read the announcement there.

https://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html

We have some wonderful Accounting Experts here who I'm sure would be glad to assist you once you've shown that you've put forth some effort in trying to arrive at the correct answers yourself.

Thanks!