Prepare an income statement from the following year-end adjusted trial balance. Adjusted Trial Balance December 31 Cash Accounts receivable Prepaid insurance Office supplies Office equipment Accumulated depreciation-Office equipment Buildings Accumulated depreciation-Buildings Land Wages payable Property taxes payable Interest payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Buildings Interest expense Totals $ 3,110 460 890 140 4,800 98,600 115,600 21,600 29,600 2,960 2,460 5,860 310 460 5,630 3,060 $ 295,540 $ 1,160 28,600 940 1,460 2,260 520 150,600 30,600 10,700 68,700 $ 295,540

Prepare an income statement from the following year-end adjusted trial balance. Adjusted Trial Balance December 31 Cash Accounts receivable Prepaid insurance Office supplies Office equipment Accumulated depreciation-Office equipment Buildings Accumulated depreciation-Buildings Land Wages payable Property taxes payable Interest payable Unearned revenue Long-term notes payable Common stock Retained earnings Dividends Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Buildings Interest expense Totals $ 3,110 460 890 140 4,800 98,600 115,600 21,600 29,600 2,960 2,460 5,860 310 460 5,630 3,060 $ 295,540 $ 1,160 28,600 940 1,460 2,260 520 150,600 30,600 10,700 68,700 $ 295,540

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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