#5)

Morrison Services Ltd. reports the following adjusted trial balance at August 31, 2021: MORRISON SERVICES LTD. Adjusted Trial Balance August 31, 2021 Debit Credit Cash $11,410 Accounts receivable 18,250 Supplies 3,400 Prepaid insurance 3.550 Equipment 26,800 Accumulated depreciation-equipment $5,905 Accounts payable 2,850 Salaries payable 2.000 Interest payable 1,500 Rent payable 1.450 Income tax payable 1.700 Deferred revenue 700 Bank loan payable, 2024 23,500 Common shares 5.400 Retained earnings 5.100 Dividends declared 500 Service revenue 55,425 Salaries expense 19.500 Rent expense 13.175 Depreciation expense 2.295 Supplies expense 1,830 Interest expense 1.500 Insurance expense 1.220 Income tax expense 2.100 Total $105,530 $105,530 During the year, the company issued common shares for $1.300 (a) Prepare an income statement. MORRISON SERVICES LTD Statement of Income For the year ended August 31, 2021