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(Solved): The Following Are The Accounts Of Global Inc., Accounts Payable $ 5,600 Accounts Receivable 7,500 C...


The following are the accounts of Global Inc.,

Accounts Payable $ 5,600

Accounts Receivable 7,500

Cash 55,700

Commissions Expense 215,000

Commissions Payable 21,700

Commission Sales Revenue 400,000

Common Stock 29,000

Dividends 33,000

Equipment 59,900

Income Taxes Expense 27,000

Income Taxes Payable 13,000

Marketing Expense 20,100

Office Rent Expense 36,000

Retained Earnings, Dec. 31, 2010 35,300

Supplies 700

Supplies Expense 2,600

Telephone and Computer Expenses 5,100

Wages Expense 42,000

Question A

Prepare the income statement, statement of retained earnings, and balance sheet forGlobal, Inc.



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Expert Answer


INCOME STATEMENT Commission Sales Revenue $400,000 Expenses: Commissions Expense $215,000 Marketing Expense $20,100
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