Exercise: 2 The adjusted trial balance of Ahmed Company on
December 31, 2017 includes the following...
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Accounting
Exercise: 2 The adjusted trial balance of Ahmed Company onDecember 31, 2017 includes the following accounts: AccumulatedDepreciation, $6,000; Depreciation Expense, $2,000; Note Payable$7,500; Interest Expense $150; Utilities Expense, $300; RentExpense, $500; Service Revenue, $19,600; Salaries Expense, $4,000;Supplies, $200; Supplies Expense, $1,200; Wages Payable, $600.Required: Prepare an income statement for the month ofDecember.
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Income Statement for the month ended December
Amount($)
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
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