Question
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 10,800 Accounts receivable 153,000 Prepaid rent 5,300
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 10,800 Accounts receivable 153,000 Prepaid rent 5,300 Inventory 28,000 Equipment 330,000 Accumulated depreciationequipment 128,000 Accounts payable 33,000 Notes payabledue in three months 33,000 Salaries payable 4,500 Interest payable 10,600 Common stock 215,000 Retained earnings 56,600 Dividends 55,900 Sales revenue 430,000 Costs of goods sold 195,000 Salaries expense 123,000 Rent expense 18,000 Depreciation expense 33,000 Interest expense 2,300 Advertising expense 2,800 Totals 910,700 910,700 Required: Prepare an income statement for China Tea Company for the year ended December 31, 2021.
I have completed the trial balance, but it is asking for an entry other more expenses. Normally tax expense would be entered but there is no tax information. Can someone help me figure out what I am missing? Example is below:
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Debit | Credit | |||||
Cash | 10,800 | |||||
Accounts receivable | 153,000 | |||||
Prepaid rent | 5,300 | |||||
Inventory | 28,000 | |||||
Equipment | 330,000 | |||||
Accumulated depreciationequipment | 128,000 | |||||
Accounts payable | 33,000 | |||||
Notes payabledue in three months | 33,000 | |||||
Salaries payable | 4,500 | |||||
Interest payable | 10,600 | |||||
Common stock | 215,000 | |||||
Retained earnings | 56,600 | |||||
Dividends | 55,900 | |||||
Sales revenue | 430,000 | |||||
Costs of goods sold | 195,000 | |||||
Salaries expense | 123,000 | |||||
Rent expense | 18,000 | |||||
Depreciation expense | 33,000 | |||||
Interest expense | 2,300 | |||||
Advertising expense | 2,800 | |||||
Totals | 910,700 | 910,700 | ||||
Required: Prepare an income statement for China Tea Company for the year ended December 31, 2021.
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