Complete a detailed Income Statement using the information from the Trial Balance. Make sure to list...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image](https://dsd5zvtm8ll6.cloudfront.net/questions/2024/03/66097f29c6cda_40966097f29387b9.jpg)
Transcribed Image Text:
Complete a detailed Income Statement using the information from the Trial Balance. Make sure to list out all accounts you use to complete the Income Statement. TRIAL BALANCE AS OF DECEMBER 31, 20XX Debit Credit Checking Account Money Market Accounts Receivable $ 35,000 50,000 10,000 Notes Receivable 5,000 Prepaid Insurance 7,000 Land 65,000 Building 350,000 Accumulated Deprec - Bldg 100,000 Accrued Wages 10,000 Unearned Revenue 2,500 Accounts Payable 10,000 Prepaid Rent 12,000 Mortgages Payable 150,000 Retained Earnings 196,600 Revenue Rent Income Interest Income Utilities Income 200,000 120,000 1,500 10,000 Payroll Expenses 120,000 Travel Expense 1,200 Meeting Costs Expense 100 Staff Expense 150 Participant Expenses 5,000 Office Supplies Expense 8,000 Janitorial Supplies Expense 20,000 Bank Fees Expense 1,000 Subscription/Dues Expense 150 Director Meeting Expenses 1,500 Temporary Labor Expense 10,000 Interest Expense 5,000 General Liability Insurance Expense 3,000 Uncollectible Expense 500 Utilities Expense 25,000 Rent Expense 55,000 Depreciation Expense 8,000 Maintenance Expense 12,000 Property Taxes Expense 10,000 Professional Fees Expense 5,000 $ 812,600 $ 812,600 Complete a detailed Income Statement using the information from the Trial Balance. Make sure to list out all accounts you use to complete the Income Statement. TRIAL BALANCE AS OF DECEMBER 31, 20XX Debit Credit Checking Account Money Market Accounts Receivable $ 35,000 50,000 10,000 Notes Receivable 5,000 Prepaid Insurance 7,000 Land 65,000 Building 350,000 Accumulated Deprec - Bldg 100,000 Accrued Wages 10,000 Unearned Revenue 2,500 Accounts Payable 10,000 Prepaid Rent 12,000 Mortgages Payable 150,000 Retained Earnings 196,600 Revenue Rent Income Interest Income Utilities Income 200,000 120,000 1,500 10,000 Payroll Expenses 120,000 Travel Expense 1,200 Meeting Costs Expense 100 Staff Expense 150 Participant Expenses 5,000 Office Supplies Expense 8,000 Janitorial Supplies Expense 20,000 Bank Fees Expense 1,000 Subscription/Dues Expense 150 Director Meeting Expenses 1,500 Temporary Labor Expense 10,000 Interest Expense 5,000 General Liability Insurance Expense 3,000 Uncollectible Expense 500 Utilities Expense 25,000 Rent Expense 55,000 Depreciation Expense 8,000 Maintenance Expense 12,000 Property Taxes Expense 10,000 Professional Fees Expense 5,000 $ 812,600 $ 812,600
Expert Answer:
Answer rating: 100% (QA)
To prepare an Income Statement we need to gather the revenue and expense accounts from the Trial Bal... View the full answer
Related Book For
Understanding Financial Statements
ISBN: 978-0133874037
11th edition
Authors: Lyn Fraser, Aileen Ormiston
Posted Date:
Students also viewed these accounting questions
-
1. A parcel of weight W is attached to the lever at point A. The spring is unstretched when the lever is vertical and the constant of spring BC is k=250 N/m. Determine the weight of the parcel W if...
-
Presuma que un contrato de seguro de salud establece que pagar $350 mensuales al asegurado si se incapacita totalmente Qu trmino describe mejor este contrato? Grupo de opciones de respuesta...
-
7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...
-
Dakota Company purchased several assets from a competitor, paying a lump-sum of $1,000,000 (one million dollars). The assets included: i. Land - valued at $420,000 ii. Building - valued at $400,000...
-
The [Ni(CN)4]2- ion, which has a square-planar geometry, is diamagnetic, whereas the [NiCl4]2- ion, which has a tetrahedral geometry, is paramagnetic. Show the crystal field splitting diagrams for...
-
Jacob and Emma McDonald are a two-income couple in their early 30s. They have two children, ages 6 and 3. Jacobs monthly take-home pay is $3,600, and Emmas is $4,200. The McDonalds feel that, because...
-
Who typically does the actual hiring of employees? LO.1
-
1. What are some basic purchasing guidelines that the Harrisons should consider when choosing which new car to buy or lease? How can they find the information they need? 2. How would you advise the...
-
Which region has a high CDI and BDI ? west north east south
-
Given a database of the results of an election, find the number of seats won by each party. There are some rules to going about this: There are many constituencies in a state and many candidates who...
-
Please write the answer in typing, not in handwriting Thank you! 6. Part Y5 is used in one of Smart Corporation's products. The company's Accounting Department reports the following costs of...
-
Compare the alternatives that Bergerac is considering for its decision. Include: Comparison of make versus buy option in the type of operation that Bergerac is looking to integrate. You do not need...
-
Let A, B, C and D be non-zero digits, such that CD is a two-digit positive integer. BCD is a three-digit positive integer generated by the digits B, C and D. ABCD is a four-digit positive integer...
-
1.) An aluminum tube is clamped with rigid plates using four bolts as shown. The nut on each bolt is tightened one turn from 'snug'. The thickness of the plate may be considered insignificant in this...
-
4.21 Case Study Competency IV.1RM Determine diagnosis and procedure codes and groupings according to official guidelines. Competency IV.1 Validate assignment of diagnostic and procedural codes and...
-
W.E.B Dubois taught the book called "The State" to his students at Atlanta University. Who wrote this book
-
Rare Agri - Products Ltd . is considering a new project with a projected life of seven ( 7 ) years . The project falls under the government s subsidy program for encouraging local agricultural...
-
Why can wastewater treatment requirements in Hawaii be less stringent than those in most locations on the U.S. mainland?
-
The following information is available for Chemco Inc's inventories as of June 30, 2015: We used the LIFO method of valuing our inventories for approximately 40% and 44% of total inventories at June...
-
Using the ratios and information given for Republic Airways Holdings Inc. & Subsidiaries, an airline company, analyze the capital structure, long-term solvency, and profitability of Republic Airways...
-
(a) Analyze Facebook's financial statements and excerpts from the company's 2013 Form 10-K. Your analysis should include the preparation of common-size financial statements, key financial ratios, and...
-
If you control resources that are critical to an organization, you have power. Are there circumstances in which it would be acceptable to use that power to garner more resources for your unit (and...
-
You are chairman of the board and CEO of a major corporation. Is it appropriate for you to select the other board members? Why or why not?p. 408
-
Why is the exercise of power necessary for organizations to operate effectively? What are some of the ways in which people gain power in organizations?p. 408
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App