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Question - Media marketing services has been operating for several years. It showed the following trial balance information (in alphabetical order) for the month Just ended march 31, 2020:
Account Debit Credit
Accounts Payable $46,000
Accounts receivable $3,000
Building $80,000
Cash $17,000
Revenue $126,000
Common shares $126,000
Retained earnings $12,000
Land $94,000
Machinery $50,000
Notes payable $114,000
Office supplies $3,000
Office supplies expense $7,000
Salaries expense $148,900
Insurance expense $8,000
Utilities expense $3,500
Income tax expense $5,400
Interest expense $4,200
Totals $424,000 $424,000
Required - Using the information provided prepare an income statement for Media Marketing services for the month ended march 31, 2020.
Financial Statement Analysis and Preparation
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