Prepare Income Statement Noor started her business on June 1, 2020.NoorTrial BalanceAugust 31, 2020SL Particulars1 CashDebitCredit55,6002Supplies16,3003Prepaid Insurance16,0004Land22,0005Cottages5,000Furniture26,0007 Account Payable16,5008 Unearned Rent9 Mortgage Payable10 Capital11 Drawing1210,40010,00070,0005,000Rent Revenue57,00013 Repair ExpenseSalaries Expense15 Utility Expense3,600145,0009,400ТОTAL163.900163.900Other information:(1) End of August 31 the balance of prepaid insurance is Tk. 1600(2) Supplies used during the period Tk. 800(3) Furniture has 6 years life with no salvage value and cost is Tk 26000 [formula:Depreciation = (cost - salvage value) /1/lifetime](4) Balance of unearned revenue is 700 at the end of August 31.(5) Salary expense is accrued Tk 9000 (not yet paid)

Depreciation = Cost - Salvage Value / lifetime Depreciation of Furniture = $26,000 - $0 / 6…

Answered: Prepare Income Statement

Business

Accounting

Prepare Income Statement

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

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