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Abbey Park Income Statement For the Quarter Ended March 31, 2025 Revenues " ........ Accrual...

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Accounting

Abbey Park Income Statement For the Quarter Ended March 31, 2025 Revenues " ........ Accrual Accounting Concep uperang expenses Advertising expensc Saliaries and wages experise Utilitics expense Depreciation expense Maintenance and repairs expense $83,000 Total operating expenses Net income (36,900)/($46,100) You first look at the trial balanoc. In addition to the account balances reported in the income statement, the ledger contains these selected balances at March 31,2025. Supplics $4,500 Prepaid Insurance 7,200 Notes Payable 20,000 You then make inquiries and discover the following. Rent revenue includes advanced rentals for summer-month occupancy, $21,000. There were $600 of supplies on hand at March 31 . Prepaid insurance resulted from the payment of a

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