Assignment 1:
A adjusted Trial balance table given below:
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Southwest Business School
Adjusted Trial Balance
December 31 20XX
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Debit ($)
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Credit ($)
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Cash...............................................................................................
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26,000
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|
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Accounts receivable......................................................................
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7,500
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Teaching supplies..........................................................................
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2,600
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Prepaid insurance..........................................................................
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12,000
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Prepaid rent....................................................................................
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0
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Professional library........................................................................
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30,000
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Accumulated depreciation-Professional library..........................
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15,000
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Equipment......................................................................................
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70,000
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Accumulated depreciation-Equipment........................................
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28,000
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Accounts payable..........................................................................
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36,000
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Salaries payable.............................................................................
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400
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Unearned training fees...................................................................
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6,600
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Common stock..............................................................................
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10,000
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Retained earnings..........................................................................
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53,600
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Dividends.......................................................................................
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40,000
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Tuition fees earned........................................................................
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1,09,500
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Training fees earned......................................................................
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42,400
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Depreciation expense-Professional library.................................
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6,000
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Depreciation expense-Equipment...............................................
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12,000
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Salaries expense............................................................................
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48,400
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Insurance expense.........................................................................
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3,000
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Rent expense.................................................................................
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24,000
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Teaching supplies expense............................................................
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7,400
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Advertising expense.......................................................................
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7,000
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Utilities expense.............................................................................
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5,600
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_______
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Totals............................................................................................
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$3,01,500
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$3,01,500
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According to the above table calculate and create a table of Income Statement?