From the Adjusted Trial Balance,prepare an Income Statement for Martin

question 161

Essay

From the adjusted trial balance,prepare an income statement for Martin Sky Taxi Services.
$\begin{array}{c}\text {MARTIN SKY TAXI SERVICES}\\\text {Adjusted Trial Balance}\\\text {For the year ended December 31}\\\begin{array}{|l|r|l|}\hline \text { Cash } & \$ 28,000 & \\\hline \text { Accounts receivable } & 14,200 & \\\hline \text { Office supplies } & 1,700 & \\\hline \text { Airplanes } & 100,000 & \\\hline \text { Accumulated depreciation - Airplanes } & & 45,000 \\\hline \text { Accounts payable } & & 11,500 \\\hline \text { Common stock } & & 25,000 \\\hline \text { Retained earnings } & & 46,900 \\\hline \text { Dividends } & 40,000 & \\\hline \text { Fees earned } & & 150,000 \\\hline \text { Rent expense } & 13,000 & \\\hline \text { Office supplies expense } & 2,000 & \\\hline \text { Utilities expense } & 2,500 & \\\hline \text { Depreciation Expense - Airplanes } & 15,000 & \\\hline \text { Salary expense } & 50,000 & \\\hline \text { Fuel expense } & 12,000 & \\\hline \text { Totals } & \$ 278,400 & \$ 278,400 \\\hline\end{array}\end{array}$

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Definitions:

Scatter Diagram

A graphical representation of two variables for a set of data, showing the relationship between them by displaying points corresponding to each data pair.

Regression Line

A straight line that best fits the data points in a scatter plot, showing the relationship between the independent and dependent variables.

Simple Linear Regression

A quantitative approach that models the correlation between one independent variable and a dependent variable by adapting a linear equation based on the data collected.

Deterministic Model Equation

An equation representing a model where the output is directly determined by the parameter values and initial conditions, without any randomness.