income statement template^

42 points total Eastern Turf Inc is a sales and service landscaping equipment company. The following are year-end balances: Account Name Unadjusted Trial Adjusted Trial Balance Balance Accounts Payable 105,000 105,000 Accounts Receivable 80,000 80,000 Accumulated Depreciation - Warehouse 15,000 28,000 Accumulated Depreciation - Trucks 26,000 35,000 Cash 60,000 60,000 Common Shares 200,000 200,000 COGS 310,000 310,000 Depreciation Expense 0 22,000 Dividends 22,800 22,800 Insurance Expense 0 8,000 Interest Expense 4,000 6,000 Interest Payable 0 2,000 Inventory 50,000 50,000 Note Payable 5-year 100,000 100,000 Prepaid Insurance 10,000 2,000 Property Tax Expense 0 2,500 Property Tax Payable 0 2,500 Rental Income 4,000 4,000 Retained Earnings 14,000 14,000 Salaries Expense 88,000 88,000 Sales Commission Expense 3,000 Sales Commission Payable 0 2,500 Sales Returns and Allowances 4,000 4,000 Sales Revenue 580,000 580,000 Trucks 110,000 110,000 Utilities Expense 2,200 2,200 Warehouse 300,000 300,000 5,500 A. Prepare the adjusting journal entries for Eastern Turf Inc on December 31, 2021. Use correct journal entry format, no explanations, row space between each journal entry set, correct date format. 8 points B. Prepare the adjusted trial balance, using the correct account order and Dr/Cr side balances. 6 points C. Prepare the financial statements: Income Statement (using the template shown), the Statement of Changes in Equity and the Statement of Financial Position. 14 points D. Prepare the company's closing journal entries. 5 points NOTES: Property Tax is an administration expense. Depreciation for the trucks is a selling expense; depreciation for the warehouse is an admin expense. Salaries Expenses: $30,000 is admin and the balance of salaries expense is selling expense. Utilities are 50% admin and 50% selling expenses. Insurance is 75% selling expense and 25% admin expense. The principal amount of the Note Payable due in 2022 is $10,000. The balance of the N/P principle is due in 2025. Sales revenue Net sales revenue COGS Gross Profit Operating Expenses Selling Expenses Total selling expenses Administrative expenses Total administrative expenses Total operating expenses Income from operations Other revenues and expenses Net Income/(Loss)