Question 5 (20 points) The following is the Bravo Unlimited adjusted Trial Balan
ID: 2399437 • Letter: Q
Question
Question 5 (20 points)
The following is the Bravo Unlimited adjusted Trial Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
231,860
Supplies
17,255
Equipment
395,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
Dividends
2,000
Rent Expense
58,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
150,840
________
Totals
$1,522,565
$1,522,565
Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
231,860
Supplies
17,255
Equipment
395,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
Dividends
2,000
Rent Expense
58,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
150,840
________
Totals
$1,522,565
$1,522,565
Explanation / Answer
Income Statement For the Year Ended 12/31/16 Revenue: Service Revenue 893105 Interest Income 1500 Total Revenues 894605 Expenses: Rent Expense 58500 Wages Expense 527260 Supplies Expense 42520 Utilities Expense 8595 Depreciation Expense 150840 Total Expenses 787715 Net Income 106890
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