The adjusted trial balance for Ivanhoe Company is shown below.IVANHOE COMPANYTrial BalanceAugust 31, 2020 BeforeAdjustment AfterAdjustment Dr. Cr. Dr. Cr.Cash $10,300 $10,300 Accounts Receivable 8,900 9,600 Supplies 2,300 500 Prepaid Insurance 3,800 2,700 Equipment 12,500 12,500 Accumulated Depreciation-Equipment $ 3,700 $ 4,500Accounts Payable 5,900 5,900Salaries and Wages Payable 0 1,100Unearned Rent Revenue 1,600 700Owner’s Capital 13,500 13,500Service Revenue 34,200 34,900Rent Revenue 10,800 11,700Salaries and Wages Expense 17,000 18,100 Supplies Expense 0 1,800 Rent Expense 14,900 14,900 Insurance Expense 0 1,100 Depreciation Expense 0 800 $69,700 $69,700 $72,300 $72,300(a) Prepare the income statement for the year.IVANHOE COMPANYIncome Statementchoose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section one enter a total amount for section oneselect an opening name for section two enter an income statement item$enter a dollar amount enter an income statement itementer a dollar amount enter an income statement itementer a dollar amount enter an income statement itementer a dollar amount enter an income statement itementer a dollar amount select a closing name for section two enter a total amount for section twoselect a closing name for this statement $enter a total net income or loss amount

Income statement is financial statement prepared before balance sheet of the company is prepared.…

Answered: Prepare the income statement for the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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(a)

Prepare the income statement for the year.

IVANHOE COMPANY Income Statement choose the accounting period
select an opening name for section one
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a closing name for section one		enter a total amount for section one
select an opening name for section two
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two		enter a total amount for section two
select a closing name for this statement		$enter a total net income or loss amount

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IVANHOE COMPANY Trial Balance August 31, 2020
	Before Adjustment	After Adjustment
	Dr.	Cr.	Dr.	Cr.
Cash	$10,300		$10,300
Accounts Receivable	8,900		9,600
Supplies	2,300		500
Prepaid Insurance	3,800		2,700
Equipment	12,500		12,500
Accumulated Depreciation-Equipment		$ 3,700		$ 4,500
Accounts Payable		5,900		5,900
Salaries and Wages Payable		0		1,100
Unearned Rent Revenue		1,600		700
Owner’s Capital		13,500		13,500
Service Revenue		34,200		34,900
Rent Revenue		10,800		11,700
Salaries and Wages Expense	17,000		18,100
Supplies Expense	0		1,800
Rent Expense	14,900		14,900
Insurance Expense	0		1,100
Depreciation Expense	0		800
	$69,700	$69,700	$72,300	$72,300