Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the adjusted trial balance for Vancouver Inc. below as of December 31, 2019 prepare the income statement for the year ended December 31, 2019.
Given the adjusted trial balance for Vancouver Inc. below as of December 31, 2019 prepare the income statement for the year ended December 31, 2019. Adjusted Trial Balance 31-Dec-19 Debit Credit $92,500 40,200 1550 820 42,000 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue Salary payable Common shares Retained earnings Dividends Service revenue Salary expense Supplies expense Insurance expense Depreciation expense-equipment Utilities expense $15,800 16,500 12,700 47,750 23,295 40,000 10,000 82,500 32,850 3,225 3700 8400 3,300
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