Refer to PE 4-16. Using the adjusted trial balance prepared in part (2), prepare an income statement
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Refer to PE 4-16. Using the adjusted trial balance prepared in part (2), prepare an income statement for the year.
Data from PE 4-16
Transcribed Image Text:
Debit Credit $ 87,000 144,000 192,000 210,000 Cash. Notes Receivable Prepaid Rent Building... Accounts Payable.. $165,000 225,000 200,000 90,000 Unearned Fee Revenue. Capital Stock.. Retained Earnings Dividends. 22,000 Fee Revenue 257,000 229,000 53,000 Wages Expense Utilities Expense. $937,000 $937,000 Totals. .
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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