Complete a detailed Income Statement using the information from the Trial Balance. Make sure to list...

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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

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To prepare an Income Statement we need to gather the revenue and expense accounts from the Trial Bal... View the full answer