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UNADJUSTED TB ADJUSTMENTS ADJUSTED TB INCOME STATEMENT BALANCE SHEET December 31, 2020 December 31, 2020 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 90,000 90,000 90,000 Short-term investments 25,000 25,000 25,000 Accounts receivable, net Allowance for doubtful accounts Supplies Inventory Prepaid rent 45,000 45,000 45,000 1,000 19,890 20,890 20,890 22,000 14,000 8,000 8,000 35,000 36,000 217,000 110,000 35,000 18,000 217,000 110,000 35,000 18,000 217,000 110,000 18,000 Land Equipment Accumulated depreciation Trademark Accounts payable Wages payable 20,000 10,000 30,000 30,000 30,000 30,000 30,000 27,000 15,000 27,000 27,000 1,833 34,390 6,000 50,000 75,000 200,000 12,000 1,833 34,390 27,000 27,000 1,833 34,390 Interest payable Income tax payable Unearned revenue Long-term notes payable - due 02.01.23 Common stock 12,000 50,000 75,000 6,000 6,000 50,000 75,000 200,000 Retained earnings Dividends 200,000 50,000 50,000 50,000 657.000 Sales revenue, net Cost of goods sold Wages expense Rent expense Bad debt expense Supplies expense Depreciation expense Interest expense Interest revenue 6,000 663,000 663,000 307,000 80,000 307,000 92,000 18,000 19,890 29,000 10,000 1,833 307,000 92,000 18,000 19,890 29,000 12,000 Pags 18,000 19,890 14,000 10,000 1.833 15,000 10,000 1,833 5,000 5,000 5,000 34,390 116,113 34,390 1,140,113 Income tax expense 34,390 1,062,000 512,113 155887 ТОTALS 1,062,000 %24 116,113 1,140,113 668,000 628,000 472,113 155887 NET INCOME 668,000 24 668,000 628,000 628,000

UNADJUSTED TB ADJUSTMENTS ADJUSTED TB INCOME STATEMENT BALANCE SHEET December 31, 2020 December 31, 2020 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 90,000 90,000 90,000 Short-term investments 25,000 25,000 25,000 Accounts receivable, net Allowance for doubtful accounts Supplies Inventory Prepaid rent 45,000 45,000 45,000 1,000 19,890 20,890 20,890 22,000 14,000 8,000 8,000 35,000 36,000 217,000 110,000 35,000 18,000 217,000 110,000 35,000 18,000 217,000 110,000 18,000 Land Equipment Accumulated depreciation Trademark Accounts payable Wages payable 20,000 10,000 30,000 30,000 30,000 30,000 30,000 27,000 15,000 27,000 27,000 1,833 34,390 6,000 50,000 75,000 200,000 12,000 1,833 34,390 27,000 27,000 1,833 34,390 Interest payable Income tax payable Unearned revenue Long-term notes payable - due 02.01.23 Common stock 12,000 50,000 75,000 6,000 6,000 50,000 75,000 200,000 Retained earnings Dividends 200,000 50,000 50,000 50,000 657.000 Sales revenue, net Cost of goods sold Wages expense Rent expense Bad debt expense Supplies expense Depreciation expense Interest expense Interest revenue 6,000 663,000 663,000 307,000 80,000 307,000 92,000 18,000 19,890 29,000 10,000 1,833 307,000 92,000 18,000 19,890 29,000 12,000 Pags 18,000 19,890 14,000 10,000 1.833 15,000 10,000 1,833 5,000 5,000 5,000 34,390 116,113 34,390 1,140,113 Income tax expense 34,390 1,062,000 512,113 155887 ТОTALS 1,062,000 %24 116,113 1,140,113 668,000 628,000 472,113 155887 NET INCOME 668,000 24 668,000 628,000 628,000

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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Solve the income statement

UNADJUSTED TB ADJUSTMENTS ADJUSTED TB INCOME STATEMENT BALANCE SHEET December 31, 2020 December 31, 2020 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $ 90,000 90,000 25,000 Cash 90,000 Short-term investments 25,000 25,000 Accounts receivable, net 45,000 45,000 45,000 Allowance for doubtful accounts $ 1,000 19,890 20,890 20,890 Supplies Inventory Prepaid rent 22,000 14,000 8,000 8,000 35,000 36,000 217,000 110,000 35,000 18,000 217,000 110,000 35,000 18,000 217,000 110,000 18,000 Land Equipment Accumulated depreciation 20,000 10,000 30,000 30,000 Trademark 30,000 30,000 30,000 Accounts payable 27,000 15,000 27,000 27,000 1,833 34,390 6,000 50,000 27,000 27,000 1,833 34,390 6,000 50,000 Wages payable Interest payable Income tax payable 12,000 1,833 34,390 Unearned revenue 12,000 50,000 6,000 Long-term notes payable - due 02.01.23 Common stock 75,000 200,000 75,000 200,000 75,000 200,000 Retained earnings Dividends 50,000 50,000 50,000 Sales revenue, net Cost of goods sold Wages expense Rent expense Bad debt expense Supplies expense Depreciation expense Interest expense 657,000 6,000 663,000 663,000 307,000 80,000 307,000 92,000 18,000 12,000 18,000 19,890 14,000 10,000 1,833 19,890 29,000 10,000 1,833 307,000 92,000 18,000 19,890 29,000 10,000 1,833 15,000 Interest revenue 5,000 5,000 5,000 34,390 116,113 Income tax expense 34,390 34,390 TOTALS $ 1,062,000 $ 1,062,000 $ $ 116,113 24 1,140,113 $ 1,140,113 $ 512,113 $ 668,000 $ 628,000 $ 472,113 155887 155887 NET INCOME $ 668,000 $ 668,000 $ 628,000 628,000
Transcribed Image Text:UNADJUSTED TB ADJUSTMENTS ADJUSTED TB INCOME STATEMENT BALANCE SHEET December 31, 2020 December 31, 2020 Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $ 90,000 90,000 25,000 Cash 90,000 Short-term investments 25,000 25,000 Accounts receivable, net 45,000 45,000 45,000 Allowance for doubtful accounts $ 1,000 19,890 20,890 20,890 Supplies Inventory Prepaid rent 22,000 14,000 8,000 8,000 35,000 36,000 217,000 110,000 35,000 18,000 217,000 110,000 35,000 18,000 217,000 110,000 18,000 Land Equipment Accumulated depreciation 20,000 10,000 30,000 30,000 Trademark 30,000 30,000 30,000 Accounts payable 27,000 15,000 27,000 27,000 1,833 34,390 6,000 50,000 27,000 27,000 1,833 34,390 6,000 50,000 Wages payable Interest payable Income tax payable 12,000 1,833 34,390 Unearned revenue 12,000 50,000 6,000 Long-term notes payable - due 02.01.23 Common stock 75,000 200,000 75,000 200,000 75,000 200,000 Retained earnings Dividends 50,000 50,000 50,000 Sales revenue, net Cost of goods sold Wages expense Rent expense Bad debt expense Supplies expense Depreciation expense Interest expense 657,000 6,000 663,000 663,000 307,000 80,000 307,000 92,000 18,000 12,000 18,000 19,890 14,000 10,000 1,833 19,890 29,000 10,000 1,833 307,000 92,000 18,000 19,890 29,000 10,000 1,833 15,000 Interest revenue 5,000 5,000 5,000 34,390 116,113 Income tax expense 34,390 34,390 TOTALS $ 1,062,000 $ 1,062,000 $ $ 116,113 24 1,140,113 $ 1,140,113 $ 512,113 $ 668,000 $ 628,000 $ 472,113 155887 155887 NET INCOME $ 668,000 $ 668,000 $ 628,000 628,000
Dec 31, 2020 SALES REVENUE Total service revenue OPERATING EXPENSES Selling expenses Total selling expenses General and administrative expenses Page 1 Total general and administrative expenses Total operating expenses Total income from operations OTHER REVENUES AND (EXPENSES) Total income before tax Net income Earnings per share (EPS) See Notes to the Financial Statements
Transcribed Image Text:Dec 31, 2020 SALES REVENUE Total service revenue OPERATING EXPENSES Selling expenses Total selling expenses General and administrative expenses Page 1 Total general and administrative expenses Total operating expenses Total income from operations OTHER REVENUES AND (EXPENSES) Total income before tax Net income Earnings per share (EPS) See Notes to the Financial Statements
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