^- Prepare an annual income statement from the following adjusted trial balance.Oriole EnterprisesAdjusted Trial BalanceDecember 31, 2020Account Debit CreditCash $1,700 Accounts Receivable 13,600 Allowance for Doubtful Accounts $500Prepaid Insurance 1,800 Equipment 28,000 Accumulated Depreciation 4,100Notes Payable 10,400Accounts Payable 3,000Salaries and Wages Payable 1,600Interest Payable 100Common Stock 17,500Retained Earnings 7,200Dividends 2,300 Service Revenue 125,100Salaries and Wages Expense 85,700 Rent Expense 22,400 Supplies Expense 6,000 Insurance Expense 4,200 Interest Expense 600 Bad Debt Expense 900 Depreciation Expense 2,300 $169,500Oriole EnterprisesIncome StatementYear ended December 31, 2020

Net income for the year is calculated as excess of revenue over expenses during the year.

Answered: Prepare an annual income statement from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

^- Prepare an annual income statement from the following adjusted trial balance.

Oriole Enterprises Adjusted Trial Balance December 31, 2020
Account	Debit	Credit
Cash	$1,700
Accounts Receivable	13,600
Allowance for Doubtful Accounts		$500
Prepaid Insurance	1,800
Equipment	28,000
Accumulated Depreciation		4,100
Notes Payable		10,400
Accounts Payable		3,000
Salaries and Wages Payable		1,600
Interest Payable		100
Common Stock		17,500
Retained Earnings		7,200
Dividends	2,300
Service Revenue		125,100
Salaries and Wages Expense	85,700
Rent Expense	22,400
Supplies Expense	6,000
Insurance Expense	4,200
Interest Expense	600
Bad Debt Expense	900
Depreciation Expense	2,300
	$169,500

Oriole Enterprises Income Statement Year ended December 31, 2020

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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