A Simple Income Statement
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The adjusted trial balance of Ninety-Six Inc. on December 31, 2008 includes the following accounts:
Accumulated Depreciation, $6,000; Depreciation Expense, $2,000; Note Payable $7,500; Interest Expense $150; Utilities Expense, $300; Rent Expense, $500; Service Revenue, $19,600; Salaries Expense, $4,000; Supplies, $200; Supplies Expense, $1,200; Wages Payable, $600.
Prepare an income statement for the month of December.
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Solution Summary
Given accounts that would appear on both a balance sheet and an income statement, this solution differentiates between the accounts and demonstrates the preparation of a simple income statement in good form.
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Ninety-Six Inc.
Income Statement
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