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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 11, 600 161,000 6,100 36,000 410,000 Cash Accounts
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 11, 600 161,000 6,100 36,000 410,000 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 136,000 41,000 41,000 5, 100 14,600 255,000 74,200 73,400 510,000 235,000 131,000 26,000 41,000 3, 100 3, 600 1,077, 900 1,076,900 Required: Prepare an income statement for China Tea Company for the year ended December 31, 2021. CHINA TEA COMPANY Income Statement For the Year Ended December 31, 2021 Operating expenses Total operating expenses Operating income Other expense
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