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“5. Given the following information, prepare an income statement for year ended December 31.($000)Stockholder’s equity 500Accounts payable 150Cost of goods sold 55Accumulated depreciation 500General & administrative expenses 12Taxes 40%Preferred stock dividends 5Interest expense 5Sales revenue 100Depreciation expense 106. Ajax Inc. had profits of $200,000 for the year. Their retained earnings account grew from $800,000 at the beginning of the year to $950,000 by year end. How much did the firm pay out in dividends?
5. Given the following information, prepare an income statement for year endedDecember 31.($000)Stockholder’s equity 500Accounts payable 150Cost of goods sold 55Accumulated depreciation…
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