Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

This is the adjusted trial balance sheet how do you prepare the income statement from the following information: Adjusted Trial Balance Debit Credit Cash $

This is the adjusted trial balance sheet how do you prepare the income statement from the following information:

Adjusted Trial Balance

Debit

Credit

Cash

$ 4,800

Accounts Receivable

$ 1,600

Supplies

$ 90

Prepaid Insurance

$ 790

Equipment

$ 3,600

Accumulated Depreciation

$ 70

Accounts Payable

$ 130

Wages Payable

$ 480

Common Stock

$ 7,500

Retained Earnings

Dividends

$ 200

Service Revenue

$ 9,400

Rent Expense

$ 650

Wages Expense

$ 4,560

Insurance Expense

$ 50

Supplies Expense

$ 90

Depreciation Expense

$ 70

Totals

$ 17,580

$ 17,580

Tahlya Lowery INC

Income Statement

For the month Ended December 31, 20XX

Revenues

Operaating expenses

Net Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions