Darmian Plc is a merchandise company that supplies technological goods to resellers. Its adjusted trial balance dated 31 December 2023, where accounts are reported in alphabetical order, is presented below. ADJUSTED TRIAL BALANCE - 31.12.2023(Values in €)DEBITCREDITAccounts payables 62,700Accounts receivables405,500 Accumulated depreciation: equipment 207,500Capital stock 875,000Cash405,300 Cost of goods sold590,700 Depreciation expense: equipment90,000 Dividends45,000 Equipment900,000 Finished goods inventories180,000 Income taxes expense85,000 Income taxes payables 65,000Insurance expense48,200 Interest expense4,500 Interest payables 4,500Maintenance expense25,000 Notes payables 180,000Prepaid rent30,000 Rent expense163,500 Retained earnings 235,000Revenues 1,295,000Salaries expense58,000 Salary payables 8,000Unearned revenue 180,000Unexpired insurance10,000 Utilities expense77,000 Utilities payables 5,000TOTAL3,117,7003,117,700 To answer question 1, you are required to do the following: Present the income statement for 2023, using an appropriate layout and subtotals.

Name: Darmian Plc is a merchandise company that supplies technological goods
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Description: Darmian Plc is a merchandise company that supplies technological goods to resellers. Its adjusted trial balance dated 31 December 2023, where accounts are reported in alphabetical order, is presented below. ADJUSTED TRIAL BALANCE - 31.12.2023(Values

Income Statement -A financial document called an income statement details a company's receipts and…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Darmian Plc is a merchandise company that supplies technological goods to resellers. Its adjusted trial balance dated 31 December 2023, where accounts are reported in alphabetical order, is presented below.

ADJUSTED TRIAL BALANCE - 31.12.2023
(Values in €)	DEBIT	CREDIT
Accounts payables		62,700
Accounts receivables	405,500
Accumulated depreciation: equipment		207,500
Capital stock		875,000
Cash	405,300
Cost of goods sold	590,700
Depreciation expense: equipment	90,000
Dividends	45,000
Equipment	900,000
Finished goods inventories	180,000
Income taxes expense	85,000
Income taxes payables		65,000
Insurance expense	48,200
Interest expense	4,500
Interest payables		4,500
Maintenance expense	25,000
Notes payables		180,000
Prepaid rent	30,000
Rent expense	163,500
Retained earnings		235,000
Revenues		1,295,000
Salaries expense	58,000
Salary payables		8,000
Unearned revenue		180,000
Unexpired insurance	10,000
Utilities expense	77,000
Utilities payables		5,000
TOTAL	3,117,700	3,117,700

To answer question 1, you are required to do the following:

Present the income statement for 2023, using an appropriate layout and subtotals.

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