Prepare three column Income Statement, showing net Income for three separate times. Guardian Insurance Agency adjusts its

Prepare three column Income Statement, showing net Income for three separate times.

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Guardian Insurance Agency adjusts its accounts monthly but closes them only at the end of the cal- endar year. Below are the adjusted balances of the revenue and expense accounts at September 30 of the current year and at the ends of two earlier months: Sept. 30 Aug. 31 June 30 Commissions eamed $144,000 $128,000 $90,000 Advertising expense. Salaries expense Rent expense... Depreciation expense. 28,000 23,000 15,000 36,000 32,000 24,000 22,500 20,000 15,000 2,700 2,400 1,800 Instructions a. Prepare a three-column income statement, showing net income for three separate time peri- ods, all of which end on September 30. Use the format illustrated below. Show supporting computations for the amounts of revenue reported in the first two columns. GUARDIAN INSURANCE AGENCY INCOME STATEMENT FOR THE FOLLOWING TIME PERIODS Quarter Ended Sept. 30 Sept. 30 Month Ended 9 Months Ended Sept. 30 Revenue: Act Commissions earned So t Expenses: Guardian Insurance Agency adjusts its accounts monthly but closes them only at the end of the cal- endar year. Below are the adjusted balances of the revenue and expense accounts at September 30 of the current year and at the ends of two earlier months: Sept. 30 Aug. 31 June 30 Commissions eamed $144,000 $128,000 $90,000 Advertising expense. Salaries expense Rent expense... Depreciation expense. 28,000 23,000 15,000 36,000 32,000 24,000 22,500 20,000 15,000 2,700 2,400 1,800 Instructions a. Prepare a three-column income statement, showing net income for three separate time peri- ods, all of which end on September 30. Use the format illustrated below. Show supporting computations for the amounts of revenue reported in the first two columns. GUARDIAN INSURANCE AGENCY INCOME STATEMENT FOR THE FOLLOWING TIME PERIODS Quarter Ended Sept. 30 Sept. 30 Month Ended 9 Months Ended Sept. 30 Revenue: Act Commissions earned So t Expenses:

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