The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: ?DebitCreditCash$11,000?Accounts Receivable150,000?Prepaid Rent5,000?Supplies25,000?Equipment300,000?Accumulated Depreciation?$135,000Accounts Payable?20,000Salaries Payable?4,000Interest Payable?1,000Notes Payable (due in two years)?30,000Common Stock?200,000Retained Earnings?50,000Dividends20,000?Service Revenue?400,000Salaries Expense180,000?Advertising Expense70,000?Rent Expense15,000?Depreciation Expense30,000?Interest Expense2,000?Utilities Expense 32,000 _______Totals$840,000$840,000Prepare an income statement for China Tea Company for the year ended December 31, 2021:
What will be an ideal response?
| China Tea Company |
| Income Statement |
| For the year ended December 31, 2021 |
| Service revenue | ? | $400,000 |
| Salaries expense | 180,000 | ? |
| Advertising expense | 70,000 | ? |
| Rent expense | 15,000 | ? |
| Depreciation expense | 30,000 | ? |
| Interest expense | 2,000 | ? |
| Utilities expense | 32,000 | ? |
| Total Expenses | ? | 329,000 |
| Net income | ? | $71,000 |
You might also like to view...
______ power results from one's specialized knowledge.
A. Legitimate B. Referent C. Expert D. Reward E. Coercive
Logan is compiling data on the sales of video game consoles over the last five years, with proportionate sales reflected for four age categories for each of those years. He wants to use a graphic to make the data more understandable. This data will be best represented on _____.?
A) ?a segmented bar chart B) ?a map C) ?a line chart D) ?the Gantt chart
The laws governing franchising are primarily designed to protect franchisors from dishonest franchisees.
Answer the following statement true (T) or false (F)
In its advertisement, Timberland gives a close-up of one of its boots to show its fine craftsmanship. At the bottom of the advertisement is "Est. 1973," followed by the phrase "Best Then. Better Now." What type of pricing strategy is Timberland most likely to use with this ad?
A. Survival B. Return on investment C. Market share D. Cash flow E. Product quality