Prepare an income statement from the Adjusted Trial balance

Cash	$ 285,100.35
Petty Cash	$ 300.00
Accouns Receivable	$ 16,896.75
Allowance for Doubtful Accounts		$ 1,919.25
Merch. Inventory- Computers	$ 92,909.56
Merch- Inventory- Peripherals	$ 73,019.42
store Supplies	$ 2,076.29
Office Supplies	$ 445.06
Prepaid insurance	$ 7,593.50
Land	$ 30,000.00
Building	$ 112,500.00
Accumulated Depr.= Bldg		$ 29,421.75
Office Equipment	$ 15,234.92
Accumulated Depr.- Office Equip		$ 5,927.25
Store Ewuipment	$ 1,171.52
Accumulated Depr. Store Equip		$ 895.50
Accounts Payable		$ 23,161.50
Salaries Payable		$ 3,650.25
SUTA Tax Payable		$ 195.73
FUTA Tax Payable		$ 24.64
Notes Payable		$ 37,500.00
Common Stock		$ 302,500.00
Paid In Capital-Common		$ 110,000.00
Preferred Stock		$ 45,000.00
Paid in Capital-Preferred		$ 15,000.00
Reatined Earnings		$ 34,655.06
Dividends	$ 33,075.00
Sales-Computers		$ 316,677.00
Sales-Peripherals		$ 328,804.50
Sales-Servicing		$ 94,999.50
Sales Returns	$ 298.90
Sales Discounts	$ 1,821.46
Purchaes-Computers	$ 316,331.22
Purchases-Peripherals	$ 163,195.34
Purchase Returns		$ 204.75
Purchase Discounts		$ 762.02
Freight Expense	$ 720.52
Cost of Good Sold	$ 22,868.12
Sales Salaries Expense	$ 55,623.00
Advertising Expense	$ 20,358.75
Depreciation Expense- Store Equip	$ 336.00
Store Supplies Expense	$ 379.20
Officers' Salaries Expense	$ 37,125.00
Office Salaries Expense	$ 10,695.00
Payroll Tax Expense	$ 10,860.22
Utilities Expense	$ 5,627.16
Depreciation Expense-BLDG	$ 12,562.50
Depreciation Expense-Office Equip	$ 2,409.75
Repairs & Maint Expense	$ 3,816.75
Property Tax Expense	$ 7,254.30
Insurance Expense	$ 2,456.25
Bad Debt Expense	$ 995.25
Office Supplies Expense	$ 425.14
Professional Fee Expense	$ 1,066.50
interest Expense	$ 3,750.00
Totals	$ 1,351,298.70	$ 1,351,298.70

Answer rating: 100% (QA)

Sales Revenue SalesComputers 31667700 SalesPeripherals 32880450 SalesServicing 9499950 Total Sales R... View the full answer