part a: prepare an income statement

Exercise 4-12 (Part Level Submission) Fraser Valley Services Ltd. reports the following adjusted trial balance at July 31, 2018: Credit FRASER VALLEY SERVICES LTD. Adjusted Trial Balance July 31, 2018 Debit Cash 57,450 Accounts receivable 19,915 Supplies 3,440 Prepaid insurance 3,540 Equipment 25,600 Accumulated depreciation equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Unearned revenue Bank loan payable, 2021 Common shares Retained earnings Dividends declared 310 Service revenue Salaries expense 18,840 Rent expense 18,140 Depreciation expense 2,205 Supplies expense 1,710 Interest expense 1,220 Insurance expense Income tax expense 2,100 Total $105,460 55,645 2,830 2,180 1,450 1,180 1,430 580 24,900 4,770 5,170 55,225 990 $105,460 During the year, the company issued common shares for $1,550