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.