HomeworkLib
Question

The adjusted trial balance of Top Hat Corporation at December 31, 2019 includes the following accounts:...

The adjusted trial balance of Top Hat Corporation at December 31, 2019 includes the following accounts: Retained Earnings $12,000 (credit balance), Dividends paid $7,000; Service Revenue $50,000; Salaries Expense $12,000; Insurance Expense $3,000; Rent Expense $2,500; Supplies Expense $500; and Depreciation Expense $1,500, Interest Payable $5,000, unearned revenues $4000.
Prepare an income statement for the year ended December 31, 2018. Label all the accounts and related dollar amounts you include in your
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
                                          TOP HAT CORPORATION
                                               INCOME STATEMENT
                     FOR THE YEAR ENDED 31st DECEMBER 2019
Revenues :
Service Revenue (A) $ 50,000
Expenses :
Salaries Expense $ 12,000
Insurance Expense $ 3,000
Rent Expense $ 2,500
Supplies Expense $ 500
Depreciation Expense $ 1,500
Total Expenses (B) $ 19,500
Net Income { C = (A-B)} {$50,000 -$19,500} $ 30,500
0 0
Add a comment
Know the answer?
Add Answer to:
The adjusted trial balance of Top Hat Corporation at December 31, 2019 includes the following accounts:...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The adjusted trial balance of ABC includes the following accounts at December 31, 2020: Cash €12,000,...

    The adjusted trial balance of ABC includes the following accounts at December 31, 2020: Cash €12,000, Owner's Capital €22,000, Owner's Drawing €3,000, Service Revenue €41,000, Rent Expense €900, Salaries and Wages Expense €6,000, Supplies Expense €700, and Depreciation Expense €1,800. Prepare an income statement.

  • The adjusted trial balance of ABC includes the following accounts at December 31, 2020: Cash €12,000,...

    The adjusted trial balance of ABC includes the following accounts at December 31, 2020: Cash €12,000, Owner's Capital €22,000, Owner's Drawing €3,000, Service Revenue €41,000, Rent Expense €900, Salaries and Wages Expense €6,000, Supplies Expense €700, and Depreciation Expense €1,800. Prepare an income statement.

  • The adjusted trial balance of Sunland Company at December 31, 2019, includes the following accounts: Common...

    The adjusted trial balance of Sunland Company at December 31, 2019, includes the following accounts: Common Stock $17,400, Dividends $7,400, Service Revenue $37,100, Salaries and Wages Expense $16,200, Insurance Expense $1,000, Rent Expense $4,000, Supplies Expense $2,500, and Depreciation Expense $2,000. Prepare an income statement for the year. Sunland Company Income Statement

  • "Brief Exercise 3-9 The adjusted trial balance of Parsons Company at December 31, 2019, includes the...

    "Brief Exercise 3-9 The adjusted trial balance of Parsons Company at December 31, 2019, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500 and Depreciation Expense $1,300 Prepare an income statement for the year. Parsons Company Income Statement

  • The adjusted trial balance of Parsons Company at December 31, 2017, includes the following accounts: Common...

    The adjusted trial balance of Parsons Company at December 31, 2017, includes the following accounts: Common Stock $16,200, Dividends $7,500, Service Revenue $38,600, Salaries and Wages Expense $15,500, Insurance Expense $2,600, Rent Expense $3,700, Supplies Expense $1,500, and Depreciation Expense $1,900. Prepare an income statement for the year. PARSONS COMPANY Income Statement

  • The adjusted trial balance of Martinez Corp. at December 31, 2022, includes the following accounts: Retained...

    The adjusted trial balance of Martinez Corp. at December 31, 2022, includes the following accounts: Retained Earnings $17.200, Dividends $4,000, Service Revenue $35,800, Salaries and Wages Expense $13,800, Insurance Expense $1,880, Rent Expense $3,910, Supplies Expense $1,550, and Depreciation Expense $840. Prepare an income statement for the year. MARTINEZ CORP Income Statement For the Year Ended December 31, 2022 I $

  • Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31,...

    Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...

  • The adjusted trial balance of Whispering Winds Corp. at December 31, 2019, includes the following accounts:...

    The adjusted trial balance of Whispering Winds Corp. at December 31, 2019, includes the following accounts: Common Stock $17,800, Dividends $7,300, Service Revenue $36,500, Salaries and Wages Expense $16,300, Insurance Expense $2,600, Rent Expense $3,300, Supplies Expense $2,400, and Depreciation Expense $1,700. Prepare an income statement for the year. Whispering Winds Corp. Income Statement

  • The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below:...

    The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below: TINKER CORPORATION TRIAL BALANCES December 31, 2015 Unadjusted Adjusted Debit Credit Debit Credit   Cash $ 35,200 $ 35,200   Accounts receivable 29,120 34,120   Unexpired insurance 1,200 600   Prepaid rent 5,400 3,600   Office supplies 680 380   Equipment 60,000 60,000   Accumulated depreciation: equipment $ 49,000 $ 50,000   Accounts payable 900 900   Notes payable 5,000 5,000   Interest payable 200 250   Salaries payable — 2,100   Income taxes payable 1,570...

  • The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end...

    The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end of the current year. The retained earnings balance was $11,500 at January 1, 2018, the beginning of the current year. Marie, Inc. Adjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash $83,600 Accounts Receivable 29,000 Prepaid Insurance 3,500 Office Supplies 3,200 Building 207,000 Accumulated Depreciation—Building $26,500 Land 47,000 Accounts Payable 25,000 Salaries Payable 5,000 Unearned Revenue 27,000 Mortgage Payable 103,000 Common Stock 16,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT