instructions:

1. Make an Income Statement

Adjusted trial balance:

PROBLEM: Skinny Enterprise has operated a business for the past two years from his home. In January 2020, she decided to move to a lease office space. Skinny registered the business as a corporation according to Delaware laws in January 2020. Skinny Enterprise Corporation received authorization to issue 1,500,000 common shares with $1.4 par value. During lant ACCOUNT DEBIT CREDIT Cash $184,195 Account Receivable 131,000 4,375 Office Supplies Prepaid insurance Interest Receivable 43,000 750 368,000 28,000 35,000 2,300 Building Office equipment Prepaid rent Prepaid advertising Trading security shares Acc. Dep-Building Acc. Dep-Office Equipment Account Payable Bond payable 189,500 $2,917 383 57,000 125,000 66,867 Dividend payable Interest payable Unearned fees FICA SS tax payable FICA Medicare tax payable 833 19,000 5,952 1.392 9,600 6000 1,500 Federal income tax payable United funds payable Red cross payable SUTA tax payable FUTA tax payable Capital stock-Common Add. Paid in capital- Common Cash dividends 384 2,592 337,246 342,034 133,734 Fees earned 218,880 Rent Revenue 1,575 Interest Revenue 750 Utilities expense 3,165 16,000 24,000 Salary Expense-Office Salary expense- Sales Salary expense-Admin Employer Payroll Tax Expense 8,000 6,648 Insurance expense Office supplies expense 2,000 9,605 Rent expense 1,000 Advertising expense 100 Interest expense 833 Dep. Expense-Office equipment 383 383 Dep. Expense-Office equipment Dep. Expense- Building 2,917 Total $1,194,505 $1,194, 505