Presented below is the adjusted trial balance of TechCheck Corp. Prepare the following:a. Income Statement (multiple step format)Spring Check Inc.Adjusted Trial BalanceDecember 31, 2018DebitCreditCash450,000Accounts Receivable1,250,000Allowance for Doubtful Accounts$5,000Inventory, 12/31/182,480,000Equipment3,800,000Accumulated Deperciation - Equipment1,150,000BuildingAccumulated Deperciation - Building1,400,000420,000Land500,000Patent4,000,000Accounts Payable875,000Salaries and Wages PayableNotes Payable - Due 7/31/19Mortgage Payable - Due 12/31/202545,000250,0001,000,000Common StockPar$ 0.0110,000APIC (Additional Paid in Capital in Excess of Par)Retained Earnings1,990,0003,425,000Dividends Dedared - Common2$400,000Sales14,400,000$$Sales Discounts180,000Sales Returns and Allowances210,000Cost of Goods Sold (COGS)5,350,000Selling ExpensesAdministrative Expenses1,300,000650,000Investment Revenue150,000Income Tax Expense$1,750,000$ 23,720,000$ 23,720,000Note: The accounts highlighted above have been entered correctly into the respective financial statement bythe instructor.

An income statement is one of the financial statements of the company. It determines the net income…

Presented below is the adjusted trial balance of TechCheck Corp. Prepare the following: a. Income Statement (multiple step format) Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building 1,400,000 Accumulated Deperciation - Building 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wage s Payable 45,000 Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 $ 0.01 250,000 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) Retained Earnings 1,990,000 3,425,000 Dividends Dedared - Common 2$ 400,000 Sales 14,400,000 $ $ Sales Discounts 180,000 Sales Returns and Allowances 210,000 Cost of Goods Sold (COGS) 5,350,000 Selling Expenses Administrative Expenses $ $ 1,300,000 650,000 Investment Revenue 150,000 Income Tax Expense 1,750,000 $ 23,720,000 $ 23,720,000 Note: The accounts highlighted above have been entered correctly into the respective financial statement by the instructor. %24

Presented below is the adjusted trial balance of TechCheck Corp. Prepare the following: a. Income Statement (multiple step format) Spring Check Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash $ 450,000 Accounts Receivable 1,250,000 Allowance for Doubtful Accounts $ 5,000 Inventory, 12/31/18 2,480,000 Equipment 3,800,000 Accumulated Deperciation - Equipment 1,150,000 Building 1,400,000 Accumulated Deperciation - Building 420,000 Land 500,000 Patent 4,000,000 Accounts Payable 875,000 Salaries and Wage s Payable 45,000 Notes Payable - Due 7/31/19 Mortgage Payable - Due 12/31/2025 $ 0.01 250,000 1,000,000 Common Stock Par 10,000 APIC (Additional Paid in Capital in Excess of Par) Retained Earnings 1,990,000 3,425,000 Dividends Dedared - Common 2$ 400,000 Sales 14,400,000 $ $ Sales Discounts 180,000 Sales Returns and Allowances 210,000 Cost of Goods Sold (COGS) 5,350,000 Selling Expenses Administrative Expenses $ $ 1,300,000 650,000 Investment Revenue 150,000 Income Tax Expense 1,750,000 $ 23,720,000 $ 23,720,000 Note: The accounts highlighted above have been entered correctly into the respective financial statement by the instructor. %24

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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