Question

Credit STURGE TECHNOLOGY SERVICES LID Statement of Income For the year eaded Agirt 31, 2021 $ STURGE TECHNOLOGY SERVICES LTD. Adjusted Trial Balance August 31, 2021 Debit Cash $11.430 Accounts receivable 18.350 Supplies 3.300 Prepaid insurance 3.700 Equipment 27.100 Accumulated depreciation equipment Accounts payable Salaries payable Interest payable Rent payable Income tax payable Deferred revenue Bank loan payable, 2024 Common shares Retained earnings Dividends declared 400 Service revenue Salaries expense 19,200 Rent expense 12.785 Depreciation expense 2.335 Supplies expense 1,890 Interest expense 1.680 Insurance expense 1.280 Income tax expense 2.08 Total $105.530 $5.905 2.850 2.400 1.680 1,500 1,500 500 23.400 5,000 5,500 55,295 v $105.530

Answer 1

Ans. Amount $55,295 STURGE TECHNOLOGY SERVICES LTD. Statement of Income For the Year Ended August 31 2021 Particulars Amount Revenues: Service revenue $55,295 Total revenue Less: Expenses: Salaries expense $19,200 Rent expense $12,785 Depreciation expense $2,335 Supplies expense $1,890 Interest expense $1,680 Insurance expense $1,280 Total expenses Income before taxes Less: Income tax expense Net Income $39,170 $16,125 $2,080 $14,045

*Income before taxes = Total revenues - Total expenses

*Net income = Income before taxes - Income tax expense