Question

Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries (LO 4-2, LO 4-3, LO 4.4 and LO 4.5) [The following information applies to the questions displayed below.) Mint Cleaning Inc, prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Debit Credit Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Totals $169 Other data not yet recorded at December 31 a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. < Prey 6 7 8 9 of 21 Score answer > search

Answer 1

--Requirement 1

Income Statement
for the year ending 31 Dec
Revenues:
Sales Revenue		$80
Total Revenue		$80
Expenses:
Insurance expense [a]		$5
Salaries & Wages expense [10 + $7 [c]]		$17
Supplies expense		$26
Depreciation expense [b]		$4
Income tax expense [d]		$9
Total expenses		$61
Net Income		$19