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5 Long-term notes payable. Owner, Capital Owner, Withdrawals Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment i Depreciation expense-Buildings Interest expense Totals 22,600 30,600 3,060 2,560 5,960 410 560 5,730 3,160 $ 301,640 151,600 42,900 70,700 $ 301,640

5 Long-term notes payable. Owner, Capital Owner, Withdrawals Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment i Depreciation expense-Buildings Interest expense Totals 22,600 30,600 3,060 2,560 5,960 410 560 5,730 3,160 $ 301,640 151,600 42,900 70,700 $ 301,640

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...
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5 Prepare an income statement from the following year-end adjusted trial balance. Adjusted Trial Balance December 31 Cash Accounts receivable Prepaid insurance Office supplies Office equipment Accumulated depreciation-Office equipment Buildings Accumulated depreciation-Buildings Land Wages payable Property taxes payable Interest payable Unearned revenue Long-term notes payable. Owner, Capital Owner, Withdrawals Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Buildings Interest expense Totals. $ 3,210 560 990 240 5,800 99,600 116,600 22,600 30,600 3,060 2,560 5,960 410 560 5,730 3,160 $ 301,640 $ 1,260 29,600 1,040 1,560 2,360 620 151,600 42,900 70,700 $ 301,640
Transcribed Image Text:5 Prepare an income statement from the following year-end adjusted trial balance. Adjusted Trial Balance December 31 Cash Accounts receivable Prepaid insurance Office supplies Office equipment Accumulated depreciation-Office equipment Buildings Accumulated depreciation-Buildings Land Wages payable Property taxes payable Interest payable Unearned revenue Long-term notes payable. Owner, Capital Owner, Withdrawals Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Buildings Interest expense Totals. $ 3,210 560 990 240 5,800 99,600 116,600 22,600 30,600 3,060 2,560 5,960 410 560 5,730 3,160 $ 301,640 $ 1,260 29,600 1,040 1,560 2,360 620 151,600 42,900 70,700 $ 301,640
5 Unearned revenue. Long-term notes payable Owner, Capital Owner, Withdrawals Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Buildings Interest expense Totals. Revenues Expenses Total expenses Income Statement For Year Ended December 31 22,600 30,600 3,060 2,560 5,960 410 560 5,730 3,160 $ 301,640 620 151,600 42,900 70,700 $ 301,640
Transcribed Image Text:5 Unearned revenue. Long-term notes payable Owner, Capital Owner, Withdrawals Services revenue Wages expense Utilities expense Property taxes expense Insurance expense Office supplies expense Depreciation expense-Office equipment Depreciation expense-Buildings Interest expense Totals. Revenues Expenses Total expenses Income Statement For Year Ended December 31 22,600 30,600 3,060 2,560 5,960 410 560 5,730 3,160 $ 301,640 620 151,600 42,900 70,700 $ 301,640
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