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Exercise: 2 The adjusted trial balance of Ahmed Company on December 31, 2017 includes the following...

Exercise: 2 The adjusted trial balance of Ahmed Company on December 31, 2017 includes the following accounts: Accumulated Depreciation, $6,000; Depreciation Expense, $2,000; Note Payable $7,500; Interest Expense $150; Utilities Expense, $300; Rent Expense, $500; Service Revenue, $19,600; Salaries Expense, $4,000; Supplies, $200; Supplies Expense, $1,200; Wages Payable, $600. Required: Prepare an income statement for the month of December.

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Expert Solution

Income Statement for the month ended December
Amount($)
Revenue                                                          19,600
Less: Operating Expenses
Rent Expense                                             500
Utilities Expense                                        300
Supplies Expense                          1,200
Depreciation Expense                           2,000
Salaries Expense                                    4,000
Total operating Expenses                               8,000
Operating profit                                             11,600
Interest Expense                                                  150
Net Operating Income                                    11,450

ekkarill92 answered 11 months ago
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