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9 December, 19:17

The adjusted trial balance of Splish Brothers Inc. at December 31, 2019, includes the following accounts: Common Stock $17,100, Dividends $7,500, Service Revenue $36,800, Salaries and Wages Expense $15,000, Insurance Expense $2,600, Rent Expense $3,000, Supplies Expense $2,400, and Depreciation Expense $1,200. Prepare an income statement for the year.

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  1. 9 December, 19:26
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    The income statement of Splish Brothers Inc. as at 31st December 2019 gives a net profit of $12600 from which dividends of $7500 was declared, leaving in the business retained earnings of $5100 for reinvestment purposes.

    Explanation:

    Splish Brothers Inc. Income Statement is as below:

    Splish Brothers Inc. Income Statement as at 31 December 2019

    $ $

    Sales Revenue 36800

    Less expenses:

    Salaries and wages 15000

    Insurance expenses 2600

    Rent expense 3000

    Supplies expense 2400

    Depreciation expense 1200

    Total expenses (24200)

    Net profit 12600
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