Question

for the Year Ended December 31 Credit Debit 46,700 11,000 580 600 17,300 7,800 9,160 2,280 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,400 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 12,000 1,986 17,874 4,600 88,180 16,200 33,180 134,720 134,720 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $180 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $600. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $710. e. Income tax expense, $4,980.

Prepare an Income statement using the above information.

Answer 1

Prepare an Income Statement Tunstall Inc., Income Statement Particulars Revenue : Service Revenue Total Revenue Amount ($) $ $ 88,180 88,180 A A A Expenses : Wages Expense Remaining Expenses Supplies Expense Insurance Expense Depreciation Expense Income Tax Expense Total Expenses 16,910 33,180 400 600 3,700 4,980 A A A $ 59,770 Net Income $ 28,410