The following is the adjusted trial balance columns from the worksheet for Picture Perfect Photography. Picture Perfect
Question:
The following is the adjusted trial balance columns from the worksheet for Picture Perfect Photography.
Picture Perfect Photography
Adjusted Trial Balance
December 31, 2018
Accounts | Debit | Credit |
Cash | $15,000 | |
Accounts Receivable | 30,000 | |
Prepaid Insurance | 7,500 | |
Office Supplies | 3,200 | |
Land | 40,000 | |
Building | 160,000 | |
Accumulated Depreciation—Building | $12,000 | |
Equipment | 75,000 | |
Accumulated Depreciation—Equipment | 8,500 | |
Accounts Payable | 12,000 | |
Salaries Payable | 2,000 | |
Unearned Revenue | 25,000 | |
Mortgage Payable | 100,000 | |
Ramirez, Capital | 21,290 | |
Ramirez, Withdrawals | 23,000 | |
Service Revenue | 289,000 | |
Salaries Expense | 61,000 | |
Depreciation Expense--Building and Equipment | 6,150 | |
Office Supplies Expense | 14,040 | |
Insurance Expense | 14,000 | |
Utilities Expense | 20,900 | ________ |
Total | $469,790 | $469,790 |
Using the information provided in the worksheet above, prepare an income statement for Picture Perfect Photography.
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura