Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31:   Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31   Debit   Credit Cash   46,800           Accounts receivable   11,700           Supplies   550           Prepaid insurance   630           Service trucks   16,300           Accumulated depreciation           8,400   Other assets   9,860           Accounts payable           2,220   Wages payable               Income taxes payable               Notes payable, long-term           15,000   Common stock (4,100 shares outstanding)           1,936   Additional paid-in capital           17,424   Retained earnings           4,600   Service revenue           85,680   Wages expense   16,200           Remaining expenses (not detailed; excludes income tax)   33,220           Income tax expense               Totals   135,260       135,260         Data not yet recorded at December 31 included:    The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year.  Insurance expired during the current year, $630.  Depreciation expense for the current year, $4,200.  Wages earned by employees not yet paid on December 31, $560.  Income tax expense, $5,780.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31:

 

Tunstall, Inc.
Unadjusted Trial Balance
for the Year Ended December 31
  Debit   Credit
Cash   46,800          
Accounts receivable   11,700          
Supplies   550          
Prepaid insurance   630          
Service trucks   16,300          
Accumulated depreciation           8,400  
Other assets   9,860          
Accounts payable           2,220  
Wages payable              
Income taxes payable              
Notes payable, long-term           15,000  
Common stock (4,100 shares outstanding)           1,936  
Additional paid-in capital           17,424  
Retained earnings           4,600  
Service revenue           85,680  
Wages expense   16,200          
Remaining expenses
(not detailed; excludes income tax)
  33,220          
Income tax expense              
Totals   135,260       135,260  
   

 

Data not yet recorded at December 31 included:
 

  1.  The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year.
  2.  Insurance expired during the current year, $630.
  3.  Depreciation expense for the current year, $4,200.
  4.  Wages earned by employees not yet paid on December 31, $560.
  5.  Income tax expense, $5,780.

I need some help with the income statment.  Thank you!

X Answer is not complete.
TUNSTALL, INC.
Income Statement
Operating revenues
Service revenue
85,680
Operating expenses
Insurance expense
630
Supplies expense
360
Wages expense
16,200
Depreciation expense
4,200
Remaining expenses (not detailed)
33,220
Total expenses
54,610
Operating income
31,070
Income tax expense
5,780
Net income
25,290 X
Earnings per share
$
6.17 X
Transcribed Image Text:X Answer is not complete. TUNSTALL, INC. Income Statement Operating revenues Service revenue 85,680 Operating expenses Insurance expense 630 Supplies expense 360 Wages expense 16,200 Depreciation expense 4,200 Remaining expenses (not detailed) 33,220 Total expenses 54,610 Operating income 31,070 Income tax expense 5,780 Net income 25,290 X Earnings per share $ 6.17 X
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