Come up with a 2023 income statement, Assume no income tax expense for the year.

You do not need to divide operating expenses between selling expenses and administrative expense. Do not include accounts on a statement that are unnecessary. For example, Superior will not have cost of goods sold on it's income statement

Add a 2023 statement of shareholder's equity. The beginning of the year balance in retained earnings was 50,000$ and the 45,000$ balance on the unadjusted trial balance includes a reduction to the beginning of the year balance for a 5,000$ dividend payment. No common Stock was issued that year.

BELOW IS THE WORKSHEET USE IT TO DO THE INCOME STATEMENT, THANKS

A B C D E F G H J K L M N Transaction Unadjusted Trial Balance SUPERIOR PAINTING COMPANY Ajusted entries Adjusted trial Balance DR CR DR CR DR CR DR Income Statement CR DR CASH $ 586,000 $ 586,000 ACCOUNT RECEIVABLE $ 31,000 $ 31,000 Balance Sheet CR $586,000 $ 31,000 PREPAID INSURRANCE $ $ 8,000 $ 8,000 $ 8,000 PREPAID ADVERTISING $ 11,000 $ 5,000 $ 6,000 EQUIPMENT ACCUMULATED DEPRECIATION WAGE PAYABLE UTLITIY PAYABLE NOTE PAYABLE INTERESTED PAYABLE DEFERRED REVENUE COMMON STOCK $ 260,000 $ 260,000 $ 6,000 $260,000 $ 25,000 $ 25,000 $ 50,000 $ $ 11,000 $ 11,000 $ $ 5,000 $ 5,000 $ 550,000 $ 550,000 $ $ 8,250 $ 8,250 $ 60,000 $36,000 $ 24,000 $ 75,000 $ 75,000 $ 50,000 $ 11,000 $ 5,000 $ 550,000 $ 8,250 $ 24,000 $ 75,000 RETAINED EARNINGS $ 45,000 $ 45,000 $ 45,000 SERVICE REVENUE $ 285,000 $ 36,000 $ 321,000 $321,000 WAGE EXPENSE INTEREST EXPENSE DEPRECIATION EXPENSE $ 140,000 $11,000 $ 151,000 $151,000 $ $ $ 8,250 $25,000 $ 8,250 $ 8,250 $ 25,000 $ 25,000 INSURRANCE EXPENSE ADVERTIZING EXPENSE $ 12,000 $ 8,000 $ 4,000 $ 4,000 $ $ 5,000 $ 5,000 $ 5,000 UTILITY EXPENSE $ $ 5,000 $ 5,000 NET INCOME $ 5,000 $122,750 $ 122,750 TOTALS $ 1,040,000 $1,040,000 $98,250 $ 98,250 $1,089,250 $1,089,250 $321,000 $321,000 $891,000 $ 891,000