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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 106890
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