Activity 1.b

Activity 1.b - More Practice with Preparing the Income Statement Prepare the Income Statement from the Adjusted Trial Balance. Within each section of the statement, enter the accounts and the account balances. Then, calculate total expenses and net income. SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Account Title Balance Debit Credit Cash 14.000 Revenue Accounts Receivable 7,700 Office Supplies 100 Expenses Prepaid Rent 9.300 Furniture 16.400 Accumulated Depreciation Furniture 5.000 Accounts Payable 1,300 Salaries Payable 400 Interest Payable 200 Total Expenses Unearned Revenue 4,600 Net Income Notes Payable 6.500 Common Stock 9.200 Retained Earnings 9.300 Dividends 24.200 Office Supplies 100 Expenses: nt 9.300 Furniture 16.400 Accumulated Depreciation Furniture 5.600 Accounts Payable 1.800 Salaries Payable 400 Interest Payable 200 Totalbpenses Unearned Revenue 4,600 Net Income Notes Payable 6.500 Common stock 9.200 9,300 Retained Earnings Dividends 24.200 Service Revenue 42.800 Depreciation Expense Furniture 1.800 Interest Expense 200 Rent Expense 2 800 Salanes Expense 3.200 Suppliers Expense 700 Total 80,400 B0,400