Ask Question
27 August, 23:57

The adjusted trial balance of Splish Brothers Inc. at December 31, 2019, includes the following accounts: Common Stock $17,100, Dividends $7,500, Service Revenue $36,800, Salaries and Wages Expense $15,000, Insurance Expense $2,600, Rent Expense $3,000, Supplies Expense $2,400, and Depreciation Expense $1,200. Prepare an income statement for the year.

+3
Answers (1)
  1. 28 August, 00:08
    0
    The income statement of Splish Brothers Inc. as at 31st December 2019 gives a net profit of $12600 from which dividends of $7500 was declared, leaving in the business retained earnings of $5100 for reinvestment purposes.

    Explanation:

    Splish Brothers Inc. Income Statement is as below:

    Splish Brothers Inc. Income Statement as at 31 December 2019

    $ $

    Sales Revenue 36800

    Less expenses:

    Salaries and wages 15000

    Insurance expenses 2600

    Rent expense 3000

    Supplies expense 2400

    Depreciation expense 1200

    Total expenses (24200)

    Net profit 12600
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The adjusted trial balance of Splish Brothers Inc. at December 31, 2019, includes the following accounts: Common Stock $17,100, Dividends ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers