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The adjusted trial balance for China Tea Company at December 31, 2018, is presented below:...

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Accounting

The adjusted trial balance for China Tea Company at December 31, 2018, is presented below:

Debit Credit
Cash 10,900
Accounts receivable 154,000
Prepaid rent 5,400
Inventory 29,000
Equipment 340,000
Accumulated depreciation - equipment 129,000
Accounts payable 34,000
Notes payable - due in three months 34,000
Salaries payable 4,400
Interest payable 1,400
Common stock 220,000
Retained earnings 58,800
Sales revenue 440,000
Costs of goods sold 200,000
Salaries expense 124,000
Rent expense 19,000
Depreciation expense 34,000
Interest expense 2,400
Advertising expense 2,900
Totals 921,600 921,600

Required: Prepare an income statement for China Tea Company for the year ended December 31, 2018.

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