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The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...

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Accounting

The following is the Easton Company adjusted Trial Balance.Easton Company Adjusted Trial Balance December 31, 2018 AccountTitle Debit Credit Cash $88,665 Accounts Receivable 232,400Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings127,145 Service Revenue 881,105 Interest Income 5,500 Dividends9,000 Rent Expense 59,500 Wages Expense 529,000 Supplies Expense42,000 Utilities Expense 8,000 Depreciation Expense 150,000________ Totals $1,530,565 $1,530,565 Use this information toprepare the Single-Step Income Statement for the fiscal year. Thereare additional lines in the formatted income statement form toallow for authorized alternate presentations.

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3.8 Ratings (418 Votes)

The required solution is as following.

EASTON COMPANY
Income Statement
For the Years Ending Dec 2018
Revenue
Service revenue $                        881,105
Interest revenue $                            5,500
Total Revenues $                    886,605
Expenses
Depreciation $                        150,000
Rent $                          59,500
wages Expenses $                        529,000
Utilities Expenses $                            8,000
Supplies Expenses $                          42,000
Total Expenses $                    788,500
Net Income Before Taxes $                          98,105
Income tax expense $                                 -  
Income from Continuing Operations $                      98,105
{42}
Below-the-Line Items
Income from discontinued operations $                                 -  
Effect of accounting changes $                                 -  
Extraordinary items $                                 -  
Net Income $                      98,105

FEEL FREE TO ASK ANY CLARIFICATION IF ANY REQUIRED KINDLY PROVIDE FEED BACK BY THUMBS UP IF SATISFIED IT WILL BE HIGHLY APPRECIATED

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