prepare income statement The following account balances were taken from the reco

Question

prepare income statement

The following account balances were taken from the records of Larson Inc. at December 31, 2016. Lasn provides landscaping services and lawn supplies to businesses in the local area.

Now use your adjusted trial balance and data from the problem to prepare income statmentfor Lasn Inc. at January 31, 2016 . ( by the way, can you double check my trial balance thanks?

Debit Creditp Cash Accounts receivable Notes receivable Supplies Equipment Buildings Land Accumulated depreciation* Accounts payable Unearned service revenuer Income tax payable Notes payable long termp Mortgage payable+ Common stock? Retained earnin Dividends Service revenue Wages expense Operating expenses Depreciation expense Income tax expense+ Totalp 82,365 57,89 2,348* 198 325 165,75 60,000 23,478 7 60 216 300,000 164,375

Explanation / Answer

Ans. Larson Incorporated Income statement 31 January, 2018 Particulars Amt.($) Amt.($) Sales Revenue    157,000 Less:     Wages Expenses      25,600     Operating Expenses      14,000     Dividends      15,000     Depreciation Expenses      20,000      74,600 Operating profit befor Income Tax Expense      82,400 Less: Income Tax Expense      15,000 Net Income      67,400

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