Question
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit Cash $ 19,000 Accounts receivable 159,000 Prepaid
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit Cash $ 19,000 Accounts receivable 159,000 Prepaid rent 7,000 Supplies 32,000 Equipment 370,000 Accumulated depreciation $ 133,000 Accounts payable 15,000 Salaries payable 3,600 Interest payable 1,400 Notes payable (due in two years) 39,000 Common stock 200,000 Retained earnings 248,300 Dividends 29,000 Service revenue 310,000 Salaries expense 160,000 Advertising expense 79,000 Rent expense 15,000 Depreciation expense 39,000 Interest expense 2,300 Utilities expense 39,000 Totals $ 950,300 $ 950,300 Prepare an income statement for China Tea Company for the year ended December 31, 2021:
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