Using the information presented below, prepare an income statement from the adjusted trial balance of Dodson Containers.DODSON CONTAINERS
Adjusted Trial Balance
December 31
Cash…………………………………………………. $ 3,050?Accounts receivable………………………………… 400?Prepaid insurance …………………………………... 830?Office supplies ............................................................. 80?Office equipment ……………………………………. 4,200?Accumulated depreciation-office equipment ……….. ?$ 1,100Buildings……………………………………………... 98,000?Accumulated depreciation-buildings………………..? 28,000Land…………………. 115,000?Wages Payable………………………………………? 880Property taxes payable………………………………? 1,400Interest payable……………………………………...? 2,200Unearned rent………………………………………..? 460Long-term notes payable…………………………….? 150,000Common stock ……………………………….? 30,000Retained earnings ……………………………….? 10,340Dividends21,000?Rent earned ………………………………………….? 67,500Wages expense ……………………………………...29,000?Utilities expense ……………………………………. 2,900?Property taxes expense ……………………………..2,400?Insurance expense…………………………………... 5,800?Office supplies expense……………………………… 250?Depreciation expense-office equipment……………..400?Depreciation expense-buildings……………………..5,570?Interest expense ……………………………… 3,000?________?Totals ………………………………………………..$291,880$291,880
What will be an ideal response?
DODSON CONTAINERS
Income Statement
For Year Ended December 31
| Revenues | ? | ? |
| Rent earned…………………………………........ | ? | $67,500 |
| Operating expenses | ? | |
| Wages expense ………………………………….. | $29,000 | ? |
| Utilities expense ……………………………….... | 2,900 | ? |
| Property taxes expense…………………............... | 2,400 | ? |
| Insurance expense……………………………….. | 5,800 | ? |
| Office supplies expense…………………………. | 250 | ? |
| Depreciation expense-office equipment……….... | 400 | ? |
| Depreciation expense-buildings……………….... | 5,570 | ? |
| Interest expense …………………………………. | 3,000 | ? |
| Total operating expenses………………………... | ? | 49,320 |
| Net income …………………………………………. | ? | $18,180 |
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