Posted: June 2nd, 2021

Bus3061 southwest business school __income statement

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.

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Instructions

 

For this assignment, use the BUS3061 Assignment u02a3 Template to prepare an income statement

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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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