Calculator Preparing an Income Statement Sparrow Company had the following adjus

Question

Calculator Preparing an Income Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends $3,150 5,650 4,480 42,000 $24,000 2,800 4,450 3,875 8,000 2,255 10,500 Service Revenue 99,600 Salaries Expense 49,400 17,250 2,200 4,950 5,400 Rent Expense Insurance Expense Depreciation Expense Income Tax Expense heck My Work All work nt Score: 28.67%

Explanation / Answer

Prepare single step income statement :

Service revenue 99600 Expenses Salaries expenses (49400) Rent expenses (17250) Insurance expenses (2200) Depreciation expenses (4950) Income tax expenses (5400) (79200) Net income 20400

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