Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2...
Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2 Marks).
|
XYZ Partial Trial Balance December 31 |
||
|
Dividends |
36,000 |
|
|
Revenue earned |
72,000 |
|
|
Supplies expense |
3,425 |
|
|
Rent expense |
6,000 |
|
|
Wages expense |
22,000 |
|
Homework Answers
Solution :
Please find the attached screenshot of the excel sheet containing the detailed calculation for the solution.
Note : The Net Income balance is transferred to the Retained Earnings and Dividends paid are shown as a deduction from Retained Earnings balance under the Retained Earnings Statement.
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