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It says that my answer is incomplete But I have no idea! Please help find what's missing/correct any errors, TY! The adjusted trial balance for
It says that my answer is incomplete But I have no idea! Please help find what's missing/correct any errors, TY!
The adjusted trial balance for China Tea Company at December 31, 2024, is presented below: Required: Prepare an income statement for China Tea Company for the year ended December 31, 2024. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ CHINA TEA COMPANY } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline Sales revenue & & $ \\ \hline Cost of goods sold & & 600,000 \\ \hline & & 320,000 \\ \hline Operating expenses: & & \\ \hline Salaries expense & $140,000 & \\ \hline Rent expense & 35,000 & \\ \hline Depreciation expense & 50,000 & \\ \hline Advertising expense & 4,500 & \\ \hline \hline & & \\ \hline Total operating expenses & & \\ \hline Operating income & & 229,500 \\ \hline Other expense: & & 90,500 \\ \hline Interest expense & & \\ \hline Net income & & \\ \hline \end{tabular}Step by Step Solution
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