Question
Given the adjusted trial balance for Husky Inc. below as of December 31, 2019 prepare the income statement for the year ended December 31, 2019.What
Given the adjusted trial balance for Husky Inc. below as of December 31, 2019 prepare the income statement for the year ended December 31, 2019.What do we need if we want to do vertical and horizontal analysis?
Adjusted Trial Balance |
|
|
| 31-Dec-19 |
|
| Debit | Credit |
Cash | $82,500 |
|
Accounts receivable | 39,200 |
|
Supplies | 550 |
|
Prepaid insurance | 820 |
|
Equipment | 36,000 |
|
Accumulated depreciation-equipment |
| $15,800 |
Accounts payable |
| 16,500 |
Unearned service revenue |
| 17,700 |
Salary payable |
| 42,650 |
Common shares |
| 23,295 |
Retained earnings |
| 10,000 |
Dividends | 9,000 |
|
Service revenue |
| 100,500 |
Salary expense | 42,850 |
|
Supplies expense | 3,225 |
|
Insurance expense | 1800 |
|
Depreciation expense-equipment | 7200 |
|
Utilities expense | 3,300 | ________ |
| $226,445 | $226,445 |
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