Question

CES Question 1 Cullumber Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Cullumber Company Adjusted Trial Balance July 31, 2020 tudy NO. Account Titles Credit Debit $8,300 9,000 15,800 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Uneamed Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense $7,700 4,700 1,900 45,200 16,200 64,200 6,500 9,500 56,000 15,400 $130,200 $130, 200

Answer 1

Cullumber Company
Income Statement
For the year ended July 31, 2020
	$	$
Revenue:
Service revenue	64,200.00
Rent revenue	6,500.00
Total Revenue		70,700.00
Less Expenses:
Depreciation expense	9,500.00
Salaries and Wages expense	56,000.00
Utilities expense	15,400.00
Total Expenses		80,900.00
Net Income (Loss)		(10,200.00)