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Use EMBG's adjusted trial balance to prepare the company's income statement. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit Cash $ 44,000 28,000 376,000 Accounts receivable Equipment Accumulated depreciation Notes payable $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense 44,000 Salaries expense 116,000 Depreciation expense Totals 42,000 $650,000 $650,000

Use EMBG's adjusted trial balance to prepare the company's income statement. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit Cash $ 44,000 28,000 376,000 Accounts receivable Equipment Accumulated depreciation Notes payable $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense 44,000 Salaries expense 116,000 Depreciation expense Totals 42,000 $650,000 $650,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use EMBG's adjusted trial balance to prepare the company's income statement. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit Cash $ 44,000 28,000 376,000 Accounts receivable Equipment Accumulated depreciation Notes payable $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense 44,000 Salaries expense 116,000 Depreciation expense Totals 42,000 $650,000 $650,000
Transcribed Image Text:Use EMBG's adjusted trial balance to prepare the company's income statement. EMBG CORPORATION Adjusted Trial Balance For Year Ending December 31, 2016 Debit Credit Cash $ 44,000 28,000 376,000 Accounts receivable Equipment Accumulated depreciation Notes payable $ 72,000 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense 44,000 Salaries expense 116,000 Depreciation expense Totals 42,000 $650,000 $650,000
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