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Business
Accounting
Accounts Debit Credit Cash $ 12,000 Accounts Receivable 150,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 40,000 Common Stock 6,000 30,000 400,000 S 135,000 12,000 11,000 5,000 300,000

Accounts Debit Credit Cash $ 12,000 Accounts Receivable 150,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 40,000 Common Stock 6,000 30,000 400,000 S 135,000 12,000 11,000 5,000 300,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Income statement
Accounts Debit Credit Cash $ 12,000 Accounts Receivable 150,000 Prepaid Rent Supplies 6,000 30,000 Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 40,000 400,000 S 135,000 12,000 11,000 5,000 Common Stock 300,000 Retained Earnings 60,000 Service Revenue 500,000 Salaries Expense 400,000 Rent Expense Depreciation Expense 40,000 Interest Expense 20,000 5,000 Totals $1,063,000 $1,063,000 Required: 1. Prepare an income statement for the year ended December 31, 2021.
Transcribed Image Text:Accounts Debit Credit Cash $ 12,000 Accounts Receivable 150,000 Prepaid Rent Supplies 6,000 30,000 Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 40,000 400,000 S 135,000 12,000 11,000 5,000 Common Stock 300,000 Retained Earnings 60,000 Service Revenue 500,000 Salaries Expense 400,000 Rent Expense Depreciation Expense 40,000 Interest Expense 20,000 5,000 Totals $1,063,000 $1,063,000 Required: 1. Prepare an income statement for the year ended December 31, 2021.
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