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Using the Adjusted Trial Balance below prepare an Income Statement in proper form for the month ended December 31, 2020. XYZ COMPANY WORKSHEET FOR THE

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Using the Adjusted Trial Balance below prepare an Income Statement in proper form for the month ended December 31, 2020. XYZ COMPANY WORKSHEET FOR THE MONTH ENDED DECEMBER 31, 2020 ADJUSTED TRIAL BALANCE ACCOUNT TITLES DEBIT ($) CREDIT ($) $ $ $ $ 138,240 31,000 $ $ AGA 28,200 5,000 345,600 $ 682,724 Accumulated depreciation - Building Accounts Payable Accounts Receivable Advertising Expense Building Capital - Tanya Payne Cash, Depreciation Expense Insurance Expense Internet Expense Land Music Writing Revenue Notes Payable Notes Receivable Prepaid Insurance Rent Revenue $ $ $ 76,320 13,824 3,000 1,060 320,000 $ $ 103,000 5,000 $ $ A A 2,500 3,000 $ 36,000 $ 03 36,000 A A A Rent Revenue Supplies Supplies Expense Telephone Expense Unearned Revenue Utilities Expense Wage Expense Withdrawals - Tanya Payne 900 1,340 1,120 $ $ 1,900 A A A $ $ $ 3,000 135,000 58,000 Totals $ 997,864 $ 997,864 7 A B I FF E = E % c

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