PA10. The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31,Prepare a simple income statement for the year ended December 31, 2019. NINO'S PIZZERIAAdjusted Trial BalanceYear Ended December 31, 2019DebitCredit$ 775,98445,688CashAccounts ReceivableBuildingsMerchandise InventoryAccounts Payable200,460135,624$437,880410,542Common StockSales555,696Interest Revenue84,652Rent Revenue86,900Sales Salaries ExpenseOffice Supplies Expense24,5006,270Sales Discounts102,890Interest Expense4,577Sales Returns and Allowances105,854Cost of goods soldRent ExpenseDepreciation Expense: Office EquipmentInsurance ExpenseAdvertising ExpenseTotals122,85320,00010,5552,78017,635$1,575,670$1,575,670

Introduction: Income statement: All revenues and expenses are recorded in income statement. It tells…

Answered: The following is the adjusted trial…

The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, Prepare a simple income statement for the year ended December 31, 2019.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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Question

PA10. The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31,

Prepare a simple income statement for the year ended December 31, 2019.

NINO'S PIZZERIA
Adjusted Trial Balance
Year Ended December 31, 2019
Debit
Credit
$ 775,984
45,688
Cash
Accounts Receivable
Buildings
Merchandise Inventory
Accounts Payable
200,460
135,624
$437,880
410,542
Common Stock
Sales
555,696
Interest Revenue
84,652
Rent Revenue
86,900
Sales Salaries Expense
Office Supplies Expense
24,500
6,270
Sales Discounts
102,890
Interest Expense
4,577
Sales Returns and Allowances
105,854
Cost of goods sold
Rent Expense
Depreciation Expense: Office Equipment
Insurance Expense
Advertising Expense
Totals
122,853
20,000
10,555
2,780
17,635
$1,575,670
$1,575,670

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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