The following is the adjusted trial balance from the workshe

The following is the adjusted trial balance from the worksheet for Tuttle Photography

Tuttle Photography
Adjusted Trial Balance
For the Year Ended December 31, 2016
Accounts Debit Credit
Cash $ 15,000
Accounts Receivable 30,000
Prepaid Insurance 7,500
Office Supplies 3,200
Building 160,000
Accumulated Depreciation—Building $ 12,000
Equipment 75,000
Accumulated Depreciation—Equipment 8,500
Land 40,000
Accounts Payable 12,000
Salaries Payable 2,000
Unearned Revenue 25,000
Mortgage Payable 100,000
Common Stock 21,290
Dividends 23,000
Service Revenue 289,000
Salaries Expense 61,000
Depreciation Expense—Building and Equipment 6,150
Office Supplies Expense 14,040
Insurance Expense 14,000
Utilities Expense 20,900
Total $469,790 $469,790

Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography.

What will be an ideal response

ANSWER

Tuttle Photography
Income Statement
For the Year Ended December 31, 2016
Revenue:
Service Revenue $289,000
Expenses:
Salaries Expense $61,000
Utilities Expense 20,900
Office Supplies Expense 14,040
Insurance Expense 14,000

Depreciation Expense— 6,150
Building and Equipment
Total expenses 116,090
Net income $172,910