Using the Adjusted Trial Balance prepare the Income Statement for Ensley, Inc. Ensley, Inc.
Adjusted Trial Balance
December 31, 2020
			Debit	Credit
Cash			83,050
Accounts Receivable			220,000
Prepaid Insurance			24,000
Supplies			2,700
Inventory			48,000
Equipment			160,000
Accumlated Depreciation- Equipment				30,000
Accounts Payable				159,500
Interest Payable				1,333
Wages Payable				500
Unearned Revenue - Alarm Systems				4,000
Long-Term Bank Note Payable				100,000
Common Stock				75,000
Retained Earnings				84,050
Dividends			7,000
Revenue				403,000
Cost of the Goods Sold			132,500
Depreciation Expense - Equipment			0
Insurance Expense			12,000
Interest Expense			1,333
Rent Expense			24,000
Supplies Expense			3,600
Utilities Expense			8,700
Wage Expense			130,500
Totals			$857,383.30	$857,383.30