The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...

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The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...

The following is the Easton Company adjusted Trial Balance.

Easton Company
Adjusted Trial Balance
December 31, 2018
Account Title	Debit	Credit
Cash	$88,665
Accounts Receivable	$232,400
Supplies	$17,000
Equipment	$395,000
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Capital Stock		$220,000
Retained Earnings		$127,145
Service Revenue		$881,105
Interest Income		$5,500
Dividends	$9,000
Rent Expense	$59,500
Wages Expense	$529,000
Supplies Expense	$42,000
Utilities Expense	$8,000
Depreciation Expense	$150,000
Totals`	$1,530,565	$1,530,565

Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.

business accounting

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Answer 1

Answer #1

Single step income statement

Revenue
Service revenue	881105
Interest income	5500
Total revenue		886605
Expenses
Rent expense	59500
Wages expense	529000
Supplies expense	42000
Utilities expense	8000
Depreciation expense	150000
Total expense		788500
Net income		98105

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Answer 2

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