Use the data from the trial balance below to prepare an income statement. Please show your work to receive full credit. Some of the items will be needed and some will not.

It can be a single step or multi step statement. That is your choice.

Adjusted Trial Balance

Debit Credit

Cash $77.800

Accounts Rec. 19,500

Supplies Inventory 7.650

Accounts Payable $8,500

Taxes Payable 5,350

Common Stock 35,000

Fee Earned Revenue 95,300

Operating Expense 39,200

Total 144,150 144,150