The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner's Capital $15,600, Owner's Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, Depreciation Expense $1,300. Prepare an income statement for the year.

1 answer
Question:

The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts:
Owner's Capital $15,600,
Owner's Drawings $7,000,
Service Revenue $37,000,
Salaries and Wages Expense $16,000,
Insurance Expense $2,000,
Rent Expense $4,000,
Supplies Expense $1,500,
Depreciation Expense $1,300.
Prepare an income statement for the year.

Answers

Answer:Income statement of  Parsons Company for the period ended December 31, 2014                                                                    Amount in $        Amount in $Service Revenue                                                                       37,000Operating expense;Salaries and Wages Expense                      16,000 Insurance Expense                                        2,000Rent Expense                                                 4,000Supplies Expense                                           1,500 Depreciation Expense                                   1,300Total expense                                                                           (24,800)Net income/(loss)                                                                       12,800  Explanation:The income statement shows the income and expenses of a business. Owner's capital and drawings are elements of the business balance sheet. Other items given are elements of revenue and cost.

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