3. From the partial worksheet shown on the next page, prepare an income statement. You will...

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3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Delivery Expense General Expense Rent Expense 1 Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet Net Income 4 Depreciation Expense - Automobiles Depreciation Expense - Equipment Income Statement Debit Credit 45957- 4092- 75 316 20 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 Year Ended December 31, 20- Balance Sheet 2563 2417- 7424- 43500- 229350 50 762190 6086- 229647 56 280 47240 5082484 280472 40 28047240 Debit Credit 3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Delivery Expense General Expense Rent Expense 1 Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet Net Income 4 Depreciation Expense - Automobiles Depreciation Expense - Equipment Income Statement Debit Credit 45957- 4092- 75 316 20 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 Year Ended December 31, 20- Balance Sheet 2563 2417- 7424- 43500- 229350 50 762190 6086- 229647 56 280 47240 5082484 280472 40 28047240 Debit Credit

Answer rating: 100% (QA)

To prepare the income statement based on the provided information we need to rearrange the data and calculate the respective totals Heres the income s... View the full answer