Question

Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Debit 10,800 138,000 Accounts Credit Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 4,800 24,000 280,000 $123,000 10,800 9,800 3, 800 28,000 180,000 48,000 380,000 280,000 14,000 28,000 Totals $783,400 $783,400

Answer 1

Ans:

	FIGHTIN' BLUE HENS CORPORATION
	Income Statement
	For the Year Ended December 31,2021
S.No	Particulars	Amount	Amount
1	Revenue:
	Service Revenue	$380,000
	Total Revenue		$380,000
2	Expenses:
	Salaries Expenses	$280,000
	Rent Expense	$14,000
	Depreciation Expenses	$28,000
	Interest Expense	$3800
	Total Expenses		$325,800
3	Net Income		$54,200