Reference no: EM133117954
Question - AM Consultants operates a number of Consultancy firms (Brisbane and Sydney). The following information relates to a number of accounts presented in the Trial Balance of AM Consultants (post adjustments) for the year ending 30th June 2020.
Accounts $
Accounts payable 170,000
Insurance expense 70,000
Consulting service revenue 1,500,000
Buildings 1,300,000
Office equipment 30,000
Cash at Bank 50,020
Promotions expense 35,000
Accounts receivable 75,000
Salaries expense 150,500
Mortgage payable 600,000
Office supplies 40,000
Capital 500,000
Office materials expense 367,565
Drawings 75,500
Land 750,000
Rent expense 80,350
Utilities (gas/water, etc.) 50,500
Required -
1. From the information provided, prepare the Income Statement for AM Consultants.
2. In your own words, explain how the income statement is linked to the balance sheet.
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