The Following Is the Adjusted Trial Balance from the Worksheet

question 84

Essay

The following is the adjusted trial balance from the worksheet for Tuttle Photography.
Tuttle Photography
Worksheet
For the Year Ended December 31,2013
$\begin{array}{|l|r|c|}\hline\text { Account } &{\text { Debit }} &\text { Credit }\\\hline \text { Cash } & \$ 15,000 \\\hline \text { Accounts receivable } & 30,000 \\\hline \text { Prepaid insurance } & 7,500 \\\hline \text { Office supplies } & 3,200 \\\hline \text { Land } & 40,000 \\\hline \text { Building } & 160,000 \\\hline \text { Accumulated depreciation } & & \$ 12,000 \\\hline \text { Equipment } & 75,000 &\\\hline \text { Accumulated depreciation } & & 8,500 \\\hline \text { Accounts payable } & & 12,000 \\\hline \text { Salaries payable } & & 2,000 \\\hline \text { Unearned service revenue } & & 25,000 \\\hline \text { Mortgage payable } & & 100,000 \\\hline \text { R. Tuttle, capital } & & 21,290 \\\hline \text { R. Tuttle, drawing } & 23,000 \\\hline \text { Service revenue } & \\\hline \text { Salaries expense } & 61,000 \\\hline \text { Depreciation expense } & 6,150 \\\hline \text { Supplies expense } & 14,040 \\\text { Innsurance expense } & 14,000 \\\hline \text { Utilities expense } & 20,900 \\\hline & \$ 469,790 & \$ 469,790 \\\hline\end{array}$ Using the information provided in the worksheet above,prepare an income statement for Tuttle Photography.

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Definitions:

Federal Income Tax

Tax levied by the national government on an individual's or corporation's annual income.

Gross Earnings

The total amount of money earned by an individual or company before any deductions or taxes are taken out.

Withholding Allowance

A deduction that employees can claim to reduce the amount of their income that is subject to federal income tax withholding.

Gross Earnings

The total amount of income earned by an individual or a business before any deductions like taxes, benefits, and other adjustments.