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For some reason when I transfer my Adjusted Trial Balance to my Income statement it doesnt say its correct. Can someone help me see what
For some reason when I transfer my Adjusted Trial Balance to my Income statement it doesnt say its correct. Can someone help me see what im missing?
Adjusted Trial Balance December 31, 2022 Debit Credit 152,500 75,020 750 7,260 480 13,750 8,625 12,000 360 Account Name Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Supplies Prepaid Rent Prepaid Insurance Computer Equipment Accumulated Depreciation - Computer Delivery Truck Accumulated Depreciation - Delivery Truck Accounts Payable Interest Payable Deferred Revenue Salaries Payable Notes Payable Federal Income Tax Payable INC State Income Tax Payable FICA Tax Payable Unemployment Tax Payable 50,000 375 32,340 310 23,870 6,735 87,000 3,000 2,000 3,060 840 Common Stock 125,000 Retained Earnings Dividends 3,000 121,520 1,395 49,620 1,500 3,500 20,000 Sales Revenue Service Revenue Sales Discounts Cost of Goods Sold Advertising Expense Utilities Expense Salaries Expense Depreciation Expense Rent Expense Interest Expense Supplies Expense Bad Debt Expense Payroll Tax Expense Insurance Expense 735 1,250 310 2,720 750 2,370 375 Totals 407,160 407,160 Sales Revenue Madison Machines Company Multiple-Step Income Statement For the Year Ended, December 31, 2023 121,520 (1,395) 120,125 49,6201 Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit 70,505 Total Operating Expenses Operating Income Issuance of Stock Gross Profit 70,505 Total Operating Expenses Operating Income - Net IncomeStep by Step Solution
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