What would the Income statement look like for the below events? Chart of Account

Question

What would the Income statement look like for the below events?

Chart of Accounts:

Labels and Amount Descriptions:

Unadjusted Trial Balance Adjustments Adjusted Trial Balance Dr. 45,000 119,200 11,900 400,000 Cr Dr Cr Dr 45,000 119,200 Account Title Cr Cash Accounts Receivable 7,500 4,400 Supplies Office Equipment Accumulated Depreciation 400,000 6,000 62,000 20,500 9,000 75,000 180,700 56,000 Accounts Payable 20,500 Salaries Payable 9,000 Common Stock 75,000 Retained Earnings 180,700 Dividends 25,000 25,000 Fees Earned 800,000 800,000 Salary Expense Supplies Expense Depreciation Expense Miscellaneous Expense 9,000 7,500 6,000 520,000 529,000 7,500 6,000 11,100 11,100 1,132,200 1,132,200 22,500 22,500 1,147,200 1,147,200 Based on the preceding spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Taseir Consuiting. Be sure to read the instructions for each financial statement carefully

Explanation / Answer

Income Statement

Retained Earnings Statement

Balance Sheet

Taser Consulting Income Statement For the year ended October 31,2018 Fees earned $800,000 Expenses: Salary expense $ 529,000 Supplies expense 7,500 Depreciation expense 6,000 Miscellaneous expense 11,100 Total expense $553,600 Net Income $246,400

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