Below Is the Adjusted Trial Balance for Parsons Repair Service

question 48

Essay

Below is the adjusted trial balance for Parsons Repair Service.Please prepare the income statement for the year ended December 31,2012.
Parsons Repair Service
Adjusted Trial Balance
December 31,2012
$\begin{array}{|l|r|r|}\hline\text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 1,600 &\\\hline \text { Accounts receivable } & 2,400 \\\hline \text { Prepaid rent } & 800 \\\hline \text { Supplies } & 200 \\\hline \text { Building } & 14,000\\\hline \text { Accumulated depreciation } & & \$ 2,000 \\\hline \text { Accounts payable } & & 4,200 \\\text { Salary payable } & & 1,000 \\\hline \text { Unearned revenue } & & 800 \\\hline \text { D. Parsons, capital } & & 6,000 \\\hline \text { D. Parsons, drawing } & 1,000 \\\hline \text { Service revenue } &&50,000 \\\hline \text { Salary expense } & 21,000 \\\hline\text { Rent expense } & 14,000 \\\hline \text { Depreciation expense } & 8,500 \\\hline \text { Supplies expense } & 500 \\\hline \text { Total } & \$ 64,000& \$ 64,000\\\hline\end{array}$

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Definitions:

Bad

Lacking quality or unfavorable; can also refer to moral wickedness or reprehensibility.

Ethical Egoists

Individuals who believe that moral actions are those that maximize one's own self-interest and well-being.

World Hunger

A global condition characterized by chronic undernourishment and inadequate food consumption by a significant portion of the world's population, leading to health issues and increased mortality rates.

Self-Interest

The consideration of one's own advantage or well-being as the prime motive behind actions or decisions.