Prepare an income statement

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Reference no: EM13833676

1. The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet).  Indicate whether each balance should be extended to (a) an Income Statement column or (b) a Balance Sheet column.

1.  Retained Earnings

2.  Common Stock

3.  Depreciation Expense

4.  Accumulated Depreciation

5.  Fees Earned

6.  Unearned Fees

7.  Supplies

8.  Supplies Expense

2. Prepare an income statement for  The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.:

Accumulated Depreciation

$32,000

Fees Earned

78,000

Depreciation Expense

7,250

Rent Expense

34,000

Prepaid Insurance

6,000

Supplies

400

Supplies Expense

1,800

Prepare an income statement

3. Prepare an income statement for The following revenue and expense account balances were taken from the Income Statement columns of the work sheet for Fraser Services Co. for December 31: prepare an income statement

Depreciation Expense

$   4,950

Insurance Expense

2,900

Miscellaneous Expense

1,200

Rent Expense

24,000

Service Revenue

92,500

Supplies Expense

3,150

Utilities Expense

5,000

Wages Expense

63,750

Prepare an income statement.

Reference no: EM13833676

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