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Prepare an Income Statement for an Adjusted Trail Balance The Century Company's adjusted trail balance contains...

Prepare an Income Statement for an Adjusted Trail Balance

The Century Company's adjusted trail balance contains the following balances as of December 31: Retained Earnings $8,500; Dividends $2,000, Sales $20,000; Cost of Good Sold $8,000; Selling and Administrative Expenes $3,000; Interest Expenes $1,5000; Prepare an income statment for the year.

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Answer #1
Century Company
Income Statement
For the year
Sales $ 20,000
Cost of goods sold         8,000
Gross Profit      12,000
Selling and administrative Expense         3,000
Profit Before Interest and Taxes         9,000
Interest Expense      15,000
Profit Before Taxes       -6,000
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