Prepare the income statement for the year ended August 31. IVANHOE COMPANY Trial Balance August 31,...

  

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Prepare the income statement for the year ended August 31. IVANHOE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,246 $10,246 Accounts Receivable Supplies Prepaid Insurance Equipment 8,272 8,836 2,350 470 3,760 2,350 15,040 15,040 Accumulated Depreciation-Equipment $3,384 $4,512 Accounts Payable 5,452 5,452 Salaries and Wages Payable 0 1,034 Unearned Rent Revenue 1,692 752 Common Shares 9,400 9,400 Retained Earnings 5,170 5,170 Dividends 2,632 2,632 Service Revenue 31,960 32,524 Rent Revenue 11,374 12,314 Salaries and Wages Expense 15,980 17,014 Supplies Expense 0 1,880 Rent Expense 10,152 10,152 Insurance Expense 0 1,410 Depreciation Expense 0 1,128 $68,432 $68,432 $71,158 $71,158 Prepare the income statement for the year ended August 31. Revenues Service Revenue Rent Revenue Total Revenues Expenses Salaries and Wages Expense Supplies Expense Insurance Expense Depreciation Expense Rent Expense Total Expenses Net Income/(Loss) IVANHOE COMPANY Income Statement For the Month Ended August 31, 2020 > A 32524 12314 1880 10152 1410 1128 10152 $ CA 44838 24722 CA $ 20116 Prepare the retained earnings statements for the year ended August 31. (List items that increase retained earnings first.) IVANHOE COMPANY Retained Earnings Statement For the Month Ended August 31, 2020 Retained Earnings, August 31, 2020 A Add : Net Income/(Loss) Less Dividends 5170 20116 25286 Retained Earnings, September 1, 2019 $ 25286 Prepare the income statement for the year ended August 31. IVANHOE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,246 $10,246 Accounts Receivable Supplies Prepaid Insurance Equipment 8,272 8,836 2,350 470 3,760 2,350 15,040 15,040 Accumulated Depreciation-Equipment $3,384 $4,512 Accounts Payable 5,452 5,452 Salaries and Wages Payable 0 1,034 Unearned Rent Revenue 1,692 752 Common Shares 9,400 9,400 Retained Earnings 5,170 5,170 Dividends 2,632 2,632 Service Revenue 31,960 32,524 Rent Revenue 11,374 12,314 Salaries and Wages Expense 15,980 17,014 Supplies Expense 0 1,880 Rent Expense 10,152 10,152 Insurance Expense 0 1,410 Depreciation Expense 0 1,128 $68,432 $68,432 $71,158 $71,158 Prepare the income statement for the year ended August 31. Revenues Service Revenue Rent Revenue Total Revenues Expenses Salaries and Wages Expense Supplies Expense Insurance Expense Depreciation Expense Rent Expense Total Expenses Net Income/(Loss) IVANHOE COMPANY Income Statement For the Month Ended August 31, 2020 > A 32524 12314 1880 10152 1410 1128 10152 $ CA 44838 24722 CA $ 20116 Prepare the retained earnings statements for the year ended August 31. (List items that increase retained earnings first.) IVANHOE COMPANY Retained Earnings Statement For the Month Ended August 31, 2020 Retained Earnings, August 31, 2020 A Add : Net Income/(Loss) Less Dividends 5170 20116 25286 Retained Earnings, September 1, 2019 $ 25286