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I need a income statement table to be filled that is all I need Tony and Suzie see the need for a rugged all-terrain vehicle
I need a income statement table to be filled that is all I need
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the Suburban for five years and then sell the vehicle for $4,500. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $1,800 to GEICO for a one-year insurance policy. The company spends an extra $3,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,000 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $400 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Post-closing GREAT ADVENTURES, INC. Trial Balance December 31, 2022 Account Title Credit Debit 64,070 50,000 2,400 7,000 1,400 62.000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable Common Stock Retained Earnings Service Revenue Sales Revenue Interest Revenue Sales Discounts Cost of goods sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Total 24.900 20,800 750 11,950 30,000 20,000 33,450 44,500 100.000 120 350 38,500 15,650 500 24,000 2.400 1,800 2,400 14,500 3.900 400 288,870 S 288,870 Post-closing GREAT ADVENTURES, INC. Income Statement For the period ended December 31, 2022 Revenue Sales Revenue Service Revenue Interest Revenue EEE 100.000 44,500 120 0 Net sales 144,620 S 144.620 Gross profit Expense: $ 0 Total operating expenses Operating income Non-operating items: 144.620 0 0 144.620 Income before Income Taxes 0 S 144,620Step by Step Solution
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