Cornerstone Exercise 3-24 (Algorithmic) Preparing an Income Statement Sparrow Company had the following adjusted trial...
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Cornerstone Exercise 3-24 (Algorithmic) Preparing an Income Statement Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense $24,000 2,800 4,450 3,875 8,000 2,255 10,500 99,500 Rent Expense 49,400 17,250 2,200 Insurance Expense Depreciation Expense 4,950 Income Taxes Expense 5,300 Totals $144,880 $144,880 Required: Prepare a single-step income statement for Sparrow for 2019. For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or an overall negative amount, enter using a minus sign. Sparrow Company Income Statement For the Year Ended December 31, 2019 Expenses
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