Question

Homework: Chapter 4 Homework Score: 0 of 12 pts P4-30A (similar to) The adjusted trial balance of Blume Irrigation System at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. (If a box is not us Blume Irrigation System Income Statement Year Ended December 31, 2018 Net Income (Loss) Choose from any list or enter any number in the input fields and then click Check Answer parts remaining

Answer 1

CLASSIFIED BALANCE SHEET Amount 75300 Amount INCOME STATEMENT Particulars Service revenue Less: expenses Insurance expense Salaries Supplies expense Interest expense Dep-equipment Dep-Building Total expense Profit 1200 17100 1000 600 2200 1000 Particulars Assets Current Assets Cash Accounts receivable Office supplies Prepaid insurance Total Current Assets 12000 47600 15100 5800 80500 23100 52200 32400 Statement of equity Particulars Bloom capital (-) withdrawls (+) profit Closing balance Amount 30000 -3100 52200 79100 17500 49900 130400 Fixed assets: Building 57000 Less: Accumulated dpreciatic -24600 Equipment 25000 Less: Accumulated dpreciatic -7500 Total Plant Assets TOTAL ASSETS Liabilities and equity Current Liabilities Accounts Payable 29100 Interest Payable 600 Salaries payable 4100 Unearned revenue 1200 Total Current Liabilities 35000 Non Current Liabilities Notes Payable 16300 Total Non current liabilities Total Liabilites 16300 51300 Equity Blume, capital Total equity 79100 79100 Total liabilities and equity chant121 Shant1 130400 97 chant 120 chant1