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

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Income Statement - Single Step
for the year ending 31 Dec 2018
*Revenues:*
Service revenue	$881,105
Interest Income	$5,500
Total revenues		$886,605
*Expenses:*
Rent Expense	$59,500
Wages Expense	$529,000
Supplies expense	$42,000
Utilities expense	$8,000
Depreciation Expense	$150,000
Total Expense		$788,500
Net Income		$98,105

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Answer 2

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