Question 5 (20 points) The following is the Bravo Unlimited adjusted Trail Balan
ID: 2599512 • Letter: Q
Question
Question 5 (20 points)
The following is the Bravo Unlimited adjusted Trail 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
120,000
Retained Earnings
214,145
Service Revenue
892,105
Interest Income
2,500
Dividends
5,000
Rent Expense
58,700
Wages Expense
527,000
Supplies Expense
42,600
Utilities Expense
8,600
Depreciation Expense
150,815
________
Totals
$1,525,565
$1,525,565
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
120,000
Retained Earnings
214,145
Service Revenue
892,105
Interest Income
2,500
Dividends
5,000
Rent Expense
58,700
Wages Expense
527,000
Supplies Expense
42,600
Utilities Expense
8,600
Depreciation Expense
150,815
________
Totals
$1,525,565
$1,525,565
Explanation / Answer
prepare the Single-Step Income Statement for the fiscal year.
Revenue Service revenue 892105 Interest revenue 2500 894605 Expenses : Rent expenses 58700 Wages expenses 527000 Supplies expenses 42600 Utilities expenses 8600 Depreciation exp 150815 787715 Net income 106890Related Questions
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