Reference no: EM133040300
Question - This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end:
Accounts payable $44,600 Accounts receivable $19,300 Accumulated depreciation, automobiles 69,600 Accumulated depreciation, equipment 21,100 Advertising expense 9,600 Automobiles 146,000 Cash 11,600 Depreciation expense, automobiles 13,800 Depreciation expense, equipment 4,700 Equipment 68,000 Revenue 252,600 Interest income 150 Interest expense 4,100 Interest payable 75 Interest receivable 300 John Conroe, capital 23,600 John Conroe, withdrawals 19,600 Land 38,000 Long-term notes payable 121,000 Notes receivable (due in 90 days) 83,000 Office supplies 4,600 Office supplies expense 13,600 Repairs expense, automobiles 9,000 Salaries expense 76,825 Salaries payable 6,100 Unearned revenue 11,600 Wages expense 28,400 Totals $550,425 $550,425
Required - Use the information in the trial balance to prepare the income statement for the year ended December 31, 2020.
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