Below is a portion of the December 31, 2024, adjusted trial balance for a company. Prepare an income statement for the year ended December 31, 2024. Accounts Debit Credit Common Stock 340,000 Retained Earnings 76,000 Service Revenue 540,000 Salaries Expense 408,000 Rent Expense 28,000 Utilities Expense 48,000 Interest Expense 4,000 Totals $1,047,000 $1,047,000

Below is a portion of the December 31, 2024, adjusted trial balance for a company. Prepare an income statement for the year ended December 31, 2024. Accounts Debit Credit Common Stock 340,000 Retained Earnings 76,000 Service Revenue 540,000 Salaries Expense 408,000 Rent Expense 28,000 Utilities Expense 48,000 Interest Expense 4,000 Totals $1,047,000 $1,047,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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Common Stock		340,000
Retained Earnings		76,000
Service Revenue		540,000
Salaries Expense	408,000
Rent Expense	28,000
Utilities Expense	48,000
Interest Expense	4,000
Totals	$1,047,000	$1,047,000

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