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Using the Adjusted Trial Balance below prepare an Income Statement in proper form for the month ended August 31, 2018.
XYZ COMPANY WORKSHEET FOR THE MONTH ENDED AUGUST 31, 2018 ADJUSTED TRIAL BALANCE ACCOUNT TITLES DEBIT ($) CREDIT ($) Accumulated depreciation - Machinery 88,000.00 Accounts Payable 31,100.00 Accounts Receivable 27,800.00 Capital -Mr. Owner 23,600.00 Cash 56,820.00 Depreciation - Machinery 8,000.00 Insurance Expense 1,200.00 Interest Expense 200.00 Interest Income 800.00 Machinery 87,000.00 Meals and Entertainment Expense 2,500.00 Notes Payable 3,000.00 Notes Receivable 7,500.00 Owner's Withdrawals - Mr. Owner 800.00 Service Revenue 139,000.00 Supplies 1,200.00 Supplies Expense 400.00 Telephone Expense 1,580.00 Unearned Revenue 1,400.00 Utilities Expense 13,900.00 Wage Expense 134,000.00 Wages Payable 56,000.00 Totals 342,900.00 342,900.00
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