The adjusted trial balance of Wallowa Ranch Inc. on December 31, 2016 includes the following accounts: Accumulated Depreciation, $8,000; Depreciation Expense, $2,000; Notes Payable $7,800; Interest Expense $250; Utilities Expense, $370; Rent Expense, $800; Service Revenue, $24,600; Salaries and Wages Expense, $6,800; Supplies, $250; Supplies Expense, $1,500; Salaries and Wages Payable, $800. 

Prepare an income statement for the month of December.

The adjusted trial balance of Old 97 Automotive Service Company on June 30, 2016 includes the following accounts: Supplies, $300; Accumulated Depreciation, $9,500; Salaries Payable, $1,550, Notes Payable $6,750; Service Revenue, $22,100; Salaries and Wages Expense, $8,750; Depreciation Expense, $3,250; Supplies Expense, $1,000; Rent Expense, $400; Utilities Expense, $350; and Interest Expense $250. 

Prepare an income statement for the month of June.

Answer rating: 100% (QA)

Problem 5 INCOME STATEMENT Service revenue 24600 Expenses Deprec... View the full answer