Use the adjusted trial balance below to prepare the income statement and balance

Question

Use the adjusted trial balance below to prepare the income statement and balance sheet.

Adjusted Trial Balance

December 31, 2017

Account Title DR CR Cash $ 7,000 Accounts Receivable $ 27,200 Trucks $ 42,000 Accumulated Depreciation - Trucks $ 17,500 Land $ 32,000 Accoounts Payable $ 15,000 Salaries Payable $ 4,200 Unearned Fees $ 3,600 Common Stock $ 20,000 Retained Earnings, December 31, 2016 $ 45,500 Dividends $ 15,400 Sales $ 84,000 Depreciation Expense - Truck $ 6,500 Salaries Expense $ 46,700 Rent Expense $ 13,000 Totals $ 189,800 $ 189,800

Explanation / Answer

Income statement :

Balance sheet :

Revenue Sales 84000 Expenses Depreciation Expense - Truck 6500 Salaries Expense 46700 Rent Expense 13000 Total expense 66200 Net income 17800

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