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 Revenue2. **Expenses:** Salaries and Wages, Insurance, Rent, Supplies, and Depreciation3. **Net Income:** Calculated as Total Revenue minus Total ExpensesThis 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.

Income statement is one of the important financial statement of the business, which shows all…

Answered: The adjusted trial balance of Sandhill…

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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