Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem (III.) From the following Adjusted Trial Balance prepare only an Income Statement for the year ended 12/31/2012, must be in good form, DO NOT

image text in transcribed
Problem (III.) From the following "Adjusted Trial Balance" prepare only an Income Statement for the year ended 12/31/2012, must be in good form, DO NOT abbreviate accounts on statements: (15 pts.) $12,000 Peter Plumbing Adjusted Trial Balance Dec 31, 2012 Dr. Salaries Expense $24,000 Rental Service Revenue $ 13,000 Equipment $20,000 Rent Expense Unearned Plumbing Revenue $ 4,000 Prepaid Insurance $ 600 Tax Expense $ 4,000 Cash $ 5,800 Plumbing Revenue $42.000 Accounts Receivable $12,500 Withdrawals-Peter $ 5,400 Notes Payable $ 6,000 Truck $16,000 Postage Expense $ 1,000 Supplies $ 5,000 Capital-Peter $25,000 Insurance Expense $ 3,000 Unearned Repair Revenue $ 1,000 Utilities Expense $ 2,100 Salaries Payable $ 2,000 Accounts Payable $14,400 Repair Revenue $ 4,000 Totals $111,400 $111,400

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

The Lakeside Company Case Studies In Auditing

Authors: John Trussel, J. Douglas Frazer

12th Edition

0132567253, 978-0132567251

More Books

Students also viewed these Accounting questions

Question

Is conflict always unhealthy? Why or why not? (Objective 4)

Answered: 1 week ago