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The adjusted trial balance of Sandhill Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000, Owner's Drawings $ 7,400, Service Revenue $ 37,100, Salaries and Wages Expense $ 16,800, Insurance Expense $ 2,700, Rent Expense $ 5,000, Supplies Expense $ 1,500, and Depreciation Expense $ 1,500. Prepare an income statement for the year. SANDHILL COMPANY Income Statement %24

The adjusted trial balance of Sandhill Company at December 31, 2020, includes the following accounts: Owner's Capital $ 17,000, Owner's Drawings $ 7,400, Service Revenue $ 37,100, Salaries and Wages Expense $ 16,800, Insurance Expense $ 2,700, Rent Expense $ 5,000, Supplies Expense $ 1,500, and Depreciation Expense $ 1,500. Prepare an income statement for the year. SANDHILL COMPANY Income Statement %24

FINANCIAL ACCOUNTING
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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The adjusted trial balance of Sandhill Company at December 31, 2020, includes the following accounts: Owner's Capital $17,000, Owner's Drawings $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,800, Insurance Expense $2,700, Rent Expense $5,000, Supplies Expense $1,500, and Depreciation Expense $1,500. Prepare an income statement for the year. **SANDHILL COMPANY** **Income Statement** - The form contains drop-down menus and fields for inputting data. - Fields are present for listing various types of revenue and expenses with corresponding dollar amounts. - The overall form is structured to calculate total revenue, total expenses and net income. The income statement will typically include: 1. **Revenue:** Service Revenue 2. **Expenses:** Salaries and Wages, Insurance, Rent, Supplies, and Depreciation 3. **Net Income:** Calculated as Total Revenue minus Total Expenses This form is intended to assist in accurately compiling the income statement for Sandhill Company by ensuring all relevant financial data is accounted for in a systematic and organized way.
Transcribed Image Text:The adjusted trial balance of Sandhill Company at December 31, 2020, includes the following accounts: Owner's Capital $17,000, Owner's Drawings $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,800, Insurance Expense $2,700, Rent Expense $5,000, Supplies Expense $1,500, and Depreciation Expense $1,500. Prepare an income statement for the year. **SANDHILL COMPANY** **Income Statement** - The form contains drop-down menus and fields for inputting data. - Fields are present for listing various types of revenue and expenses with corresponding dollar amounts. - The overall form is structured to calculate total revenue, total expenses and net income. The income statement will typically include: 1. **Revenue:** Service Revenue 2. **Expenses:** Salaries and Wages, Insurance, Rent, Supplies, and Depreciation 3. **Net Income:** Calculated as Total Revenue minus Total Expenses This form is intended to assist in accurately compiling the income statement for Sandhill Company by ensuring all relevant financial data is accounted for in a systematic and organized way.
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