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The Accountant for Taryn Corporation Prepared the Following List of Account

Question 196

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The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2016:
 Sales revenue $165,000 Cash $30,000 Accounts receivable 14,000 Selling expenses 44,000 Equipment 42,000 Common stock 41,000 Accounts payable 12,000 Interest income 3,000 Salaries and wages expense 40,000 Cost of sales 51,000 Inventories 22,000 Prepaid expenses 2,000 Income taxes payable 5,000 Income taxes expense 18,000 Notes payable 20,000 Retained earnings ?\begin{array} { l r l r } \text { Sales revenue } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Common stock } & 41,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Salaries and wages expense } & 40,000 & \text { Cost of sales } & 51,000 \\\text { Inventories } & 22,000 & \text { Prepaid expenses } & 2,000 \\\text { Income taxes payable } & 5,000 & \text { Income taxes expense } & 18,000 \\\text { Notes payable } & 20,000 & \text { Retained earnings } & ?\end{array}

-Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

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