Prepare a comprehensive income statement.(See attached image). BDFGHKUnadjusted TrialAdjusted TrialIncome2Balance Sheet & StatementBalanceAdjustmentsBalanceStatementof Owner's Equity34АссountDebitCreditDebitCreditCreditDebitDebitDebitCreditCredit5 Cash6 Petty cash7 Accounts receivable8 Allowance for doubtful accounts9 Prepaid rent10 Supplies113,718113,718113,71810010010039,39039,39039,3901,9402,7224,6624,6623,0003,00082561521021011 Merchandise inventory14,40014,40014,40012 Equipment13 Van14 Buikling15 Accumulated depreciation16 Land17 Accounts pay able18 Interest payable19 Sales tax payable9,0009,0009,00027,00027,00027,000125,000125,000125,00023,0505,02528,07528,07525,00025,00025,0003903903901,00020 Employee income tax payable21 FICA--Social Security tax payable22 FICA--Medicare tax payable1,0001,00042042084084010510521021023 Unemployment tax payable94594594591824 Warranty payable25 Notes payable26 Bonds payable27 Discount on bonds payable28 Retained Earnings9381,85691892,76292,76292,76250,00050,00050,000B00800800107,918107,918107,91829 Common stock50,00050,00050,00030 Dividends10,00010,00010,00031 Sales92,80092,80092,80032 Service revenue120,000120,000120,00033 Cost of goods sold34 Salaries expense47,62047,62047,62082,00082,00082,00035 Payroll tax expense5,6259457,0957,0953652537 Interest expense38 Credit card expense39 Advertising expense40 office supplies expense10,84010,84010,8401,4401,4401,44018,00018,00018,00024242441 Maintenance expense65656542 Utilities expense5,6005,6005,60043 Supplies expense44 Rent expense45 Bad debts expense46 Depreciation expense47 Warranty expense6156156153,0003,0003,0002,7222,7222,7225,0255,0255,0251,856185,902 212,8001,8561,85648 Totals540,385540,38514,68814,688550,520550,520364,618337,72049 Net Income26,898212,80026,89850 Totals212,800364,618364,618

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Description: Prepare a comprehensive income statement.(See attached image). BDFGHKUnadjusted TrialAdjusted TrialIncome2Balance Sheet & StatementBalanceAdjustmentsBalanceStatementof Owner's Equity34АссountDebitCreditDebitCreditCreditDebitDebitDebitCreditCredit5 Ca

Income Statement is a part of financial statements which is used to calculate the amount of profit…

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Business

Accounting

Prepare a comprehensive income statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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