Question

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

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Answer #1

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.

23 KG: FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW D E Amount 72,000.00 Income Statement of XYZ Company Particular

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