The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented Accounts Debit Credit Cash 12,000 150,000 6,000 30,000 400,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) $ 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 400,000 20,000 40,000 5,000 Totals $1,063,000 $1,063,000 %24
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented Accounts Debit Credit Cash 12,000 150,000 6,000 30,000 400,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) $ 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 400,000 20,000 40,000 5,000 Totals $1,063,000 $1,063,000 %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
Can you tell me how to properly prepare this income statement?
Transcribed Image Text:The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented be
Accounts
Debit
Credit
Cash
12,000
150,000
6,000
30,000
400,000
Accounts Receivable
Prepaid Rent
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Interest Payable
Notes Payable (due in two years)
$ 135,000
12,000
11,000
5,000
40,000
300,000
60,000
500,000
Common Stock
Retained Earnings
Service Revenue
Salaries Expense
Rent Expense
Depreciation Expense
Interest Expense
400,000
20,000
40,000
5,000
Totals
$1,063,000
$1,063,000
Required:
1. Prepare an income statement for the year ended December 31, 2021.
FIGHTIN' BLUE HENS CORPORATION
Income Statement
For the Year Ended December 31, 2021
Service revenue
$ 500,000
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Transcribed Image Text:Required:
1. Prepare an income statement for the year ended December 31, 2021.
FIGHTIN' BLUE HENS CORPORATION
Income Statement
For the Year Ended December 31, 2021
Service revenue
$ 500,000
Expenses:
Supplies expense
2$
30,000
Salaries expense
400,000
Rent expense
20,000
Depreciation expense
40,000
Interest expense
5,000
Total expenses
495,000
Net Income
2$
5,000
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