Based on the Following Adjusted Trial Balance, Prepare an Income $\quad$

question 58

Essay

Based on the following adjusted trial balance, prepare an income statement for Summers Company for the year ended December 31, 2019. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Summers Company}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Adjusted Trial Balance}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {December 31, 2019}$
$\begin{array}{lrr} & \text { Debit } & \text { Credit } \\\text { Cash } & \$ 10,500 & \\\text { Accounts receivable } & 20,000 & \\\text { Supplies } & 2,700 & \\\text { Office fumiture } & 10,000 & \\\text { Accum. amort. -office furniture } & & \$ 4,350 \\\text { Salary payable } & & 760 \\\text { Unearned service revenue } & & 1,140 \\\text { Jody Summers, Capital } & & 12,550 \\\text { Jody Summers, Withdrawals } & 2,800 & \\\text { Service revenue } & & 40,060 \\\text { Salary expense } & 8,360 & \\\text { Rent expense } & 2,850 & \\\text { Amort expense-office furn. } & 350 & \\\text { Supplies expense } & \underline{1,300} &\underline{\quad\quad} \\ \text { Total } & \$ 58,860 & \$ 58,860\end{array}$

---

Definitions:

Lead Volunteer Role

A position held by an individual in a voluntary organization who guides and supports other volunteers, often taking on responsibilities similar to those of a managerial role in a corporate setting.

Mature Partnership Phase

A stage in collaboration where parties involved have established mutual respect, understanding, and effectively work together towards common goals.

Human Value

The importance or worth attributed to individuals or humanity, often based on principles such as dignity, rights, and respect.

Dyadic Relationships

Interactions or connections between two entities, often characterized by reciprocal influence or communication.