This is the adjusted trial balance sheet how do you prepare the income statement
ID: 2405727 • Letter: T
Question
This is the adjusted trial balance sheet how do you prepare the income statement from the following information:
Adjusted Trial Balance
Debit
Credit
Cash
$ 4,800
Accounts Receivable
$ 1,600
Supplies
$ 90
Prepaid Insurance
$ 790
Equipment
$ 3,600
Accumulated Depreciation
$ 70
Accounts Payable
$ 130
Wages Payable
$ 480
Common Stock
$ 7,500
Retained Earnings
Dividends
$ 200
Service Revenue
$ 9,400
Rent Expense
$ 650
Wages Expense
$ 4,560
Insurance Expense
$ 50
Supplies Expense
$ 90
Depreciation Expense
$ 70
Totals
$ 17,580
$ 17,580
Tahlya Lowery INC
Income Statement
For the month Ended December 31, 20XX
Revenues
Operaating expenses
Net Income
Adjusted Trial Balance
Debit
Credit
Cash
$ 4,800
Accounts Receivable
$ 1,600
Supplies
$ 90
Prepaid Insurance
$ 790
Equipment
$ 3,600
Accumulated Depreciation
$ 70
Accounts Payable
$ 130
Wages Payable
$ 480
Common Stock
$ 7,500
Retained Earnings
Dividends
$ 200
Service Revenue
$ 9,400
Rent Expense
$ 650
Wages Expense
$ 4,560
Insurance Expense
$ 50
Supplies Expense
$ 90
Depreciation Expense
$ 70
Totals
$ 17,580
$ 17,580
Tahlya Lowery INC
Income Statement
For the month Ended December 31, 20XX
Revenues
Operaating expenses
Net Income
Explanation / Answer
Tahlya Lowery INC Income Statement For the month Ended December 31, 20XX Revenue service revenue 9400 operating expense Rent expense 650 wage expense 4560 Insurance expense 50 supplies expense 90 Depreciation expense 70 Total operating expense (5420) Net Income 3980
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