Prepare an Income Statement for Backus Tractor Sales in Excel.

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.

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