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prepare an income statement using the given adjusted trial balance and the LIFO method.

Davis Consulting, Inc. Income Statement Month Ended February 28, 20X2 Revenue: Sales Revenue Less: Cost of Goods Sold Gross Profit Service Revenue Net Revenue $ 0.00 Operating Expenses: Selling Expenses: Salaries Expense Total Selling Expenses 0.00 General & Administrative Expenses: Office Supply Expense Rent Expense Utilities Expense Dep. Expense-Equip. Dep. Expense-Furniture Bad debt expense Bank expense Total General & Administrative Expense Total Operating Expenses Operating Income Other Revenues and (Expenses): Interest income Interest Expense Total Other Revenues and (Expenses) NET INCOME 0.00 0.00 0.00 0.00 $ $ 2 DAVIS CONSULTING Adjusted Trial Balance 2/28/20X2 Adjusted Trial Balance Debit Credit 679,028.00 3,800.00 225.00 125.00 1.035.00 1.425.00 2,700.00 235.00 3,900.00 161.25 2,640.00 587.14 2,500.00 0.00 55,000.00 245,000.00 ACCT Account Names NOS 100 Cash 110 Accounts Receivable 111 Allowance for Bad Debts 120 Office Supplies 130 Software Inventory 140 Prepaid Rent 150 Equipment 151 Accu. Depr.-Equipment 155 Furniture 156 Accu. Depr.-Furniture 200 Accounts Payable 205 Salaries Payable 210 Interest payable 215 Uneared Revenue 225 Current portion L-TNP 250 Long-term Notes payable 300 Davis, Capital 305 Davis, Withdrawals 310 Common stock 311 APIC-CS 315 Preferred Stock 316 APIC-PS 320 Retained Earnings 400 Service Revenue 405 Sales Revenue 500 Cost of Goods Sold 505 Salaries Expense 510 Office Supply Expense 515 Rent Expense 520 Utilities Expense 525 Dep. Expense-Equip. 530 Dep. Expense-Furniture 535 Bad debt expense 540 Bank expense 600 Interest income 700 Interest expense Total 40,000.00 29,599.28 240,000.00 60,000.00 10,200.00 17,625.00 5.075.00 1,963.42 650.00 475.00 700.00 145.00 31.25 225.00 15.00 20.00 2,500.00 703.792.67 703.792.67 Net Income Total

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