Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense MARIGOLD ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Dr. $18,810 22,900 8,710 3,730 63,430 11,720 370 4,500 $134,170 Cr. $30,670 14,467 -0- 4,700 6,590 -0- 10,580 3,750 63,413 $134,170 Adjusted Dr. $18,810 26,011 2,795 2,949 63,430 12,961 781 511 4,700 5,915 4,500 $143,363 Cr. $35,370 14,467 141 4,700 5,142 1,241 10,580 3,750 67,972 $143,363

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31,
2020.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Interest Payable
Notes Payable
Unearned Service Revenue
Salaries and Wages Payable
Common Stock
MARIGOLD ADVERTISING
TRIAL BALANCE
DECEMBER 31, 2020
Unadjusted
Retained Earnings
Service Revenue
Salaries and Wages Expense
Insurance Expense
Interest Expense
Depreciation Expense
Supplies Expense
Rent Expense
Dr.
$18,810
22,900
8,710
3,730
63,430
11,720
370
4,500
$134,170
Cr.
$30,670
14,467
-0-
4,700
6,590
-0-
10,580
3,750
63,413
$134,170
Dr.
Adjusted
$18,810
26,011
2,795
2,949
63,430
12,961
781
511
4,700
5,915
4,500
$143,363
Cr.
$35,370
14,467
141
4,700
5,142
1,241
10,580
3,750
67,972
$143,363
Transcribed Image Text:Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock MARIGOLD ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Dr. $18,810 22,900 8,710 3,730 63,430 11,720 370 4,500 $134,170 Cr. $30,670 14,467 -0- 4,700 6,590 -0- 10,580 3,750 63,413 $134,170 Dr. Adjusted $18,810 26,011 2,795 2,949 63,430 12,961 781 511 4,700 5,915 4,500 $143,363 Cr. $35,370 14,467 141 4,700 5,142 1,241 10,580 3,750 67,972 $143,363
Prepare an income statement for the year ending December 31, 2020. (Enter loss using either a negative sign preceding the number
e.g.-45 or parentheses e.g. (45).)
MARIGOLD ADVERTISING
Income Statement
69
Transcribed Image Text:Prepare an income statement for the year ending December 31, 2020. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) MARIGOLD ADVERTISING Income Statement 69
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education