As you have learned, generally accepted accounting principles (GAAP) require organizations to prepare both an income statement and a balance sheet. Before the balance sheet can be prepared, the organization’s net income must be determined. This requires the accountant to pull together data from numerous system accounts and other sources of information. In this assignment, you will demonstrate your skill in putting together the necessary account data and preparing an income statement in good form.
Instructions
For this assignment, use the BUS3061 Assignment u02a3 Template to prepare an income statement
Southwest Business School
Adjusted Trial Balance
December 31 20XX
Debit ($)Credit ($)
Cash26,000
Accounts receivable7,500
Teaching supplies2,600
Prepaid insurance12,000
Prepaid rent0
Professional library30,000
Accumulated depreciation—Professional library15,000
Equipment70,000
Accumulated depreciation—Equipment28,000
Accounts payable36,000
Salaries payable400
Unearned training fees6,600
Common stock10,000
Retained earnings53,600
Dividends40,000
Tuition fees earned1,09,500
Training fees earned42,400
Depreciation expense—Professional library6,000
Depreciation expense—Equipment12,000
Salaries expense48,400
Insurance expense3,000
Rent expense24,000
Teaching supplies expense7,400
Advertising expense7,000
Utilities expense 5,600 _______
Totals $3,01,500$3,01,500
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