Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the adjusted trial balance for Duck Go Inc. below as of December 31, 2020 prepare the income statement for the year ended December 31,
Given the adjusted trial balance for Duck Go Inc. below as of December 31, 2020 prepare the income statement for the year ended December 31, 2020. Adjusted Trial Balance 31-Dec-20 Debit Credit Cash $82,500 Accounts receivable 39,200 Supplies 550 Prepaid insurance 820 Equipment 36,000 Accumulated depreciation equipment $15,800 Accounts payable 26,500 Uneamed service revenue 15,700 Salary payable 42,650 Common shares 23,295 Retained earnings 10,000 Dividends I 9,000 Service revenue 92,500 Salary expense 41,850 Supplies expense 3,225 Insurance expense 2800 Depreciation expense-equipment 7200 Utilities expense 3,300 $226,445 $226.445
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started