Question

From the Trial Balance tab, use the information provide to prepare an Income Statement.   
Use Cell references for the account names as well as the dollar amount balances needed to complete the statement.   
It is very important to prepare an accurate Income Statement with correct numbers.

Aules (@CH H 5 ACC 2001 Project Excel File (2) Excel Brittany Konkle File Home Insert Draw Page Layout Formulas Data Review View Help Search Share F32 X f A с D E F G H J J к к 1 L м M N P B S 1 1 2 3 3 B Dress Right Clothing Adjusted Trial Balance December 31, 2020 4 Credits Debits $49,000 12,400 1,200 10,000 48,500 120.000 Current Year Change $ $44,350 (1,500) 400 1,000 9,600 $71,400 40,000 5 6 Account Title 7 Cash B Accounts Receivable 9 Supplies 10 Prepaid Rent 11 Inventory 12 Equipment 13 Accumulated Depreciation - Equipment 14 Long Term Investments 15 Accounts Payable 16 Deferred Revenue 17 Salaries Payable 18 Interest Payable 19 Notes Payable due in 3 years 20 Commen Stock 21 Retained Carnings 22 Dividends 23 Sales Revenue 24 Interest Ravenue 25 Cost at Goods Sold 26 Salaries Expense 27 Supplies Expense 29 Rent Expense 29 Depreciation Expense 30 Interest Expense 31 Income Tax Expense 32 33 34,600 7,800 500 400 40,000 60,000 14,800 4,000 5,400 3,700 12,500) 14,150) 400 (30,000) 36,200 19,900 938,860 5,600 540,600 175,260 8,500 120,000 4,000 3,600 21,000 *-Beginning of year balance minus end of the year balance. To be used for the Statement of Cash Flows $1,173,960 $1,173,960 35 Adj Trial Balance income Statement Statement of SHE Balance Sheet Statement of Cash Flows + O Type here to search а е x ? RR ) 1:50 PM 9/18/2020

Answer 1

Hey The income statement you prepared is right but you take cost of goods sold twice in expenses please check