View Policies Current Attempt in Progress Morrison Services Ltd. reports the following adjusted trial balance at August 31, 2021: Credit MORRISON SERVICES LTD. Adjusted Trial Balance August 31, 2021 Debit Cash $11,470 Accounts receivable 18,375 Supplies 3,300 Prepaid insurance 3,450 Equipment 26,700 Accumulated depreciation-equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Deferred revenue Bank loan payable, 2024 Common shares Retained earnings Dividends declared 600 Service revenue Salaries expense 19,400 12.990 $5,905 2,900 2,000 1,520 1,400 1,500 500 23,700 5,400 5,400 55,305 Rantanense 2.900 2.000 1.520 1.400 1.500 500 23.700 5,400 5.400 "Accounts payable Salaries payable Interest payable Rent payable Income tax payable Deferred revenue Bank loan payable, 2024 Common shares Retained earnings Dividends declared Service revenue Salaries expense Rent expense Depreciation expense Supplies expense Interest expense Insurance expense Income tax expense Total 600 55.305 19,400 12,990 2.375 1.930 1.520 1,300 2.120 $105,530 $105.530 During the year, the company issued common shares for $1.200. (a) Prepare an income statement. Prepare an income statement. MORRISON SERVICES LTD Statement of Income For the year ended August 31, 2021 Prepare an income statement. MORRISON SERVICES LTD Statement of Income For the year ended August 31, 2021 Total expenses Income from operations Net income Gross profit Income before income tax Expenses Net loss Other revenues and gains Net sales Net Purchases Other expenses and losses Revenues $