Presented below are selected ledger accounts of Vu Corporation at December 31, 2014.Cash ……………… $…

Presented below are selected ledger accounts of Vu Corporation at December 31, 2014.Cash ……………… $ 92,500Merchandise inventory ……….. 267,500Sales ……………… 2,137,500Advances from customers ……….. 58,500Purchases ……………. 1,393,000Sales discounts ………….. 17,000Purchase discounts …………. 13,500Sales salaries ……………. 142,000Office salaries ………….. 173,000Purchase returns ………….. 7,500Sales returns …………….. 39,500Transportation-in ……………. 36,000Accounts receivable ………… 71,250Sales commissions ………….. 41,500Travel and entertainment—sales ……. $ 34,500Accounting and legal services …….. 16,500Insurance expense—office ………. 12,000Advertising ……………. 27,000Transportation-out ………….. 46,500Depreciation of office equipment …….. 24,000Depreciation of sales equipment ……. 18,000Telephone—sales …………… 8,500Utilities—office ………….. 16,000Miscellaneous office expenses ……… 4,000Rental revenue ……………. 120,000Extraordinary loss (before tax) ……… 35,000Interest expense ………….. 88,000Common stock ($10 par) ………. 450,000Vu’s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $343,000.InstructionsPrepare a condensed 2014 income statement for Vu Corporation.View Solution:
Presented below are selected ledger accounts of Vu Corporation a

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