Here is adjusted trial balance, need help doing income statement. Pad+ 6:14 PM *

Question

Here is adjusted trial balance, need help doing income statement.

Pad+ 6:14 PM * 28% ??e* comprehensive Home Insert Draw Formulas Data Review View Garamond fx 12-31-16 T-Accounts'1041 ABC Corporation December 31, 206 $1 444 7 A/R 9 Invenony 0 Nlownce to Reduce Inventoy NRV Panchaes 12 PrcP Imurine 4,900 Depreciation: Buiding Accumlated Deprecanion Eqipmen 1 Equipment 0 Noes Payable 21 Inoome Tes Payable 2 Uncamed Rent e 4 Premium Bonds Payabl In Escess of Par-Common Sock in 28 Treasary Seock Adveing E Wages Expense Office Expeme nance Expen Income Tases Espee 8 Lons in Valuation oflevenory Imairment of Intangible Assets 40 Additional Paid in Capital: Toeasury Seock 1Wages Paybl 42 Bad Debe Experne Cos of Goods ol Inkten Pr, able 44 46 neres Epense Adjusting Journal En...12-31-16 T-Accounts Adjusted Trial Balancencm+

Explanation / Answer

Income Statement: Amount $ Sales revenue 790000 Less: COGS 147000 GP 643000 Less:Expenses: advertising 9240 wages 67150 office 28500 depre 11165 utilities 33571 insurance 22500 Inventory loss 10000 Impairment expense 3000 Bad debt expense 75000 Interest 30571 Total exp 290697 Income before other income & tax 352303 Add: Rent revenue 4500 Less: Income tax expense 108000 Net Income 248803

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