(L.OBJ. 1, 2) Preparing a work sheet and using it to prepare an income statement [30-40...

(L.OBJ. 1, 2) Preparing a work sheet and using it to prepare an income statement [30-40 min]

Data for the unadjusted trial balance of Summer’s Here Tanning Salon at May 31, 2011, follow.

Adjusting data for 2011 are:

Leo Nabors, the owner, has received an offer to sell the company. He needs to know the net income for the year covered by these data.

Requirements

1. Complete the work sheet for Summer’s Here Tanning Salon.

2. How much was the net Income/net loss for May?