For each line item of an income statement, indicate the appr…

For each line item of an income statement, indicate the appropriate placement on a properly formatted income statement as indicated by the capital letters indicated here (e.g.,  an item between sales revenue and gross profit would be coded “A”, an item that is reported between Gross Profit and Operating Inocme would be reported “B”):Sales RevenueA   Gross ProfitB  Operating IncomeC   Income from Continuing Operations Before TaxD  Income from Continuing OperationsE  Net Income

Acme Inc. began the year with $77,000 of cash. During the ye…

Acme Inc. began the year with $77,000 of cash. During the year, Acme Inc. purchased $20,000 of supplies for cash, sold merchandise for $40,000 in cash, paid suppliers $15,000 cash for inventory previously purchased on account, and paid salaries of $22,000.  Post each of these items to the following t-account for cash and compute the ending balance. You do not need to fill all blanks, type “blank” in any blanks you do not fill with a number. Do not enter dollar signs.                          Cash                                         |                  |                     |                   |    ________________ | _________________              |