This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2023, year-end: Credit $ 43,600 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days) Office supplies Office supplies expense Repairs expense, automobiles Salaries expense Salaries payable Unearned revenue Wages expense Totals Debit $ 18,300 8,600 136,000 10,600 12,800 3,700 63,000 3,100 200 18,600 33,000 78,000 3,600 12,600 8,000 75,825 27,400 $ 513,325 Required: Use the information in the trial balance to prepare: a. The income statement for the year ended December 31, 2023. 68,600 20,100 231,375 250 100 22,600 111,000 5,100 10,600 $ 513,325

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2023, year-end:
Credit
$ 43,600
Accounts payable
Accounts receivable
Accumulated depreciation, automobiles
Accumulated depreciation, equipment
Advertising expense
Automobiles
Cash
Depreciation expense, automobiles
Depreciation expense, equipment
Equipment
Revenue
Interest income
Interest expense
Interest payable
Interest receivable
John Conroe, capital
John Conroe, withdrawals
Land
Long-term notes payable
Notes receivable (due in 90 days)
Office supplies
Office supplies expense
Repairs expense, automobiles
Salaries expense
Salaries payable
Unearned revenue
Wages expense
Totals
Debit
$ 18,300
8,600
136,000
10,600
12,800
3,700
63,000
3,100
200
18,600
33,000
78,000
3,600
12,600
8,000
75,825
27,400
$ 513,325
Required:
Use the information in the trial balance to prepare:
a. The income statement for the year ended December 31, 2023.
68,600
20,100
231,375
250
100
22,600
111,000
5, 100
10,600
$ 513,325
Transcribed Image Text:This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2023, year-end: Credit $ 43,600 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days) Office supplies Office supplies expense Repairs expense, automobiles Salaries expense Salaries payable Unearned revenue Wages expense Totals Debit $ 18,300 8,600 136,000 10,600 12,800 3,700 63,000 3,100 200 18,600 33,000 78,000 3,600 12,600 8,000 75,825 27,400 $ 513,325 Required: Use the information in the trial balance to prepare: a. The income statement for the year ended December 31, 2023. 68,600 20,100 231,375 250 100 22,600 111,000 5, 100 10,600 $ 513,325
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