Write the Complete income statement APPLY THE CONCEPTS Const

APPLY THE CONCEPTS: Construct the income statement Enzio Co. has compiled the following account balances from its general ledger on August 31, 2011 (the last day of its fiscal year) Account Cash Accounts Receivable Building Equipment Land Prepaid Insurance Vehicles Accounts Payable Notes Payable Capital Stock Retained Earnings Dividends The balance in the Retained Earnings account reflects the account balance before temporary accounts are closed Use the information given to prepare the following financial statements Amount $3,376,770 19,280 20,000 20,600 21,800 22,100 463,990 37,540 2,389,630 15,270 164,150 Amount Account $62,050 149,240 80,000 325,080 11 5,430 24,560 83,650 62,760 108,000 200,000 280,280 52,000 Fees Earned Rent Revenue Advertising Expense Insurance Expense Rent Expense Miscellaneous Expense Wages Expense Utilities Expense Commissions Expense Interest Expense Research & Development Expense Construct Enzio\'s single-step income statement for 2011

Solution

Income Statement of Enzio Co for 31st Aug 2011 Amount in $ Expenditure Amount Income Amount Advertising expenses 20000 Fees Earned 3376770 Insurance Expenses 20600 Rent Revenue 19280 Rent Expenses 21800 Miscellaneous Expense 22100 Wages Expenses 463990 Utilities Expense 37540 Commission Expense 2389630 Interest Expenses 15270 Research and Development Expense 164150 Net Income 240970 3396050 3396050