Fundamentals of Accounting

Question

Assignment 1:

A adjusted Trial balance table given below:

Southwest Business School Adjusted Trial Balance December 31 20XX
	Debit ($)	Credit ($)
Cash...............................................................................................	26,000
Accounts receivable......................................................................	7,500
Teaching supplies..........................................................................	2,600
Prepaid insurance..........................................................................	12,000
Prepaid rent....................................................................................	0
Professional library........................................................................	30,000
Accumulated depreciation-Professional library..........................		15,000
Equipment......................................................................................	70,000
Accumulated depreciation-Equipment........................................		28,000
Accounts payable..........................................................................		36,000
Salaries payable.............................................................................		400
Unearned training fees...................................................................		6,600
Common stock..............................................................................		10,000
Retained earnings..........................................................................		53,600
Dividends.......................................................................................	40,000
Tuition fees earned........................................................................		1,09,500
Training fees earned......................................................................		42,400
Depreciation expense-Professional library.................................	6,000
Depreciation expense-Equipment...............................................	12,000
Salaries expense............................................................................	48,400
Insurance expense.........................................................................	3,000
Rent expense.................................................................................	24,000
Teaching supplies expense............................................................	7,400
Advertising expense.......................................................................	7,000
Utilities expense.............................................................................	5,600	_______
Totals............................................................................................	$3,01,500	$3,01,500

According to the above table calculate and create a table of Income Statement?