Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need to make an income statement. I'm not sure if I'm missing something. Post-closing Da GREAT ADVENTURES, INC. Income Statement For the Period Ended December

image text in transcribedimage text in transcribed

Need to make an income statement. I'm not sure if I'm missing something.

Post-closing Da GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Sales Revenue Service Revenue 0 77,000 $ (77,000) Net Sales Cost of Goods Sold Gross Profit Operating Expense Supplies Expense Insurance Expense Bad Debt Expense Rent Expense Repairs and Maintenance Expense Salaries Expense Warranty Expense OC 0 0 0 Total Operating Expenses Operating Income (Loss) Loss (77,000) 12,000 (65,000) Income Before Income Taxes Income Tax Expense Net Income $ (65,000) Trial Balance December 30, 2022 Account Title Credit $ Debit 180,568 50,000 2.400 7,000 900 500,000 62.000 25,250 800.000 20.800 750 14,500 5,000 475,869 48,014 12,000 4,000 120,000 90.000 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Land Equipment Accumulated Depreciation Buildings Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Notes Payable (Current) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Dividends Service Revenue Sales Revenue Sales Discounts Interest Revenue 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 Warranty Expense Loss Total 904.000 33.450 11,400 44,500 120.000 350 120 38,500 17.250 500 24,000 2.400 6.785 2.400 14,500 5.700 400 4,000 12.000 1.830,653 $ S 1.830.653

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of EDP Auditing

Authors: Michael A. Murphy, Xenia Ley Parker

2nd Edition

0791304116, 978-0791304112

More Books

Students also viewed these Accounting questions