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 (listed under Resources) to prepare an income statement
BUS3061 Fundamentals of Accounting Southwest Business School Adjusted Trial Balance December 31 20XX???Debit ($)?Credit ($)??Cash ?26,000???Accounts receivable ?7,500???Teaching supplies ?2,600???Prepaid insurance ?12,000???Prepaid rent ?0???Professional library ?30,000???Accumulated depreciation—Professional library ??15,000??Equipment ?70,000???Accumulated depreciation—Equipment ??28,000??Accounts payable ??36,000??Salaries payable ??400??Unearned training fees ??6,600??Common stock ??10,000??Retained earnings ??53,600??Dividends ?40,000???Tuition fees earned ??1,09,500??Training fees earned ??42,400??Depreciation expense—Professional library ?6,000???Depreciation expense—Equipment ?12,000???Salaries expense ?48,400???Insurance expense ?3,000???Rent expense ?24,000???Teaching supplies expense ?7,400???Advertising expense ?7,000???Utilities expense ? 5,600?_______??Totals ?$3,01,500?$3,01,500??Southwest Business School Income Statement For Year Ended December 31, 20XX ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? This document was truncated here because it was created in the Evaluation Mode. Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: ? DATE @ “M/d/yyyy h:mm am/pm” ?7/24/2013 10:58 AM? ? PAGE ?2?
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bus3061_assig….docx