Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable

image text in transcribed
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 139,000 44,000 44,000 5,400 16, 100 270,000 80,800 79,100 540,000 250,000 134,000 29,000 44,000 3,400 3,900 1,140,600 1,139,300 Required: Prepare an income statement for China Tea Company for the year ended December 31, 2021, CHINA TEA COMPANY Income Statement For the Yoar Ended December 31, 2021 0 Operating expenses 0 Total operating expenses Operating income Other expense $ 0

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_2

Step: 3

blur-text-image_3

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

Auditing and Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

6th edition

978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343

More Books

Students also viewed these Accounting questions

Question

Why is investment spending unstable? LO10.4

Answered: 1 week ago

Question

4-22. Glen monopolizes every meeting by being (a loudmouth)?

Answered: 1 week ago

Question

4-21. Jim Riley is too (incompetent) for that kind of promotion.

Answered: 1 week ago