Question

PETE'S CONSTRUCTION YEAR ENDED DECEMBER 31, 2018 ADJUSTED TRIAL BALANCE INCOME STATEMENT STATEMENT OF OWNER'S EQUITY OR BALANCE SHEET ACCOUNT TITLES DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash $37,000 $37,000 Accounts receivable 10,278 10,278 Interest receivable 1,200 1,200 Office supplies 1,000 1,000 Prepaid insurance 1,000 1,000 Prepaid rent 1,800 1,800 Note receivable 10,000 10,000 Computer equipment 24,000 24,000 Accumulated depreciation, computer equipment $10,000 $10,000 Office equipment 15,000 15,000 Accumulated depreciation, office equipment 9,000 9,000 Accounts payable 20,878 20,878 Interest payable 400 400 Wages payable 1,000 1,000 Rent payable 2,000 2,000 Bank loan payable 40,000 40,000 Unearned construction fees 8,000 8,000 Capital - Pete Peters 25,000 25,000 Withdrawals - Pete Peters 2,000 2,000 Construction fees earned 130,000 $130,000 Depreciation expense 9,000 $9,000 Insurance expense 1,200 1,200 Interest expense 4,800 4,800 Office supplies expense 2,886 2,886 Rent expense 24,000 24,000 Repairs expense 2,714 2,714 Subscriptions expense 800 800 Telephone expense 1,800 1,800 Wages expense 97,000 97,000 Interest income 1,200 1,200 $247,478 $247,478 144,200 131,200 103,278 116,278 13,000 13,000 $144,200 $144,200 $116,278 $116,278 REQUIRED: Using the numbers from the above worksheet, prepare an Income Statement for the period ended December 31, 2018 . ▲ Provide your income statement below, using proper format

Answer 1

Income Statement
For the Year Ended December 31, 2018
Revenues:
Construction fees earned	130,000
Interest income	1,200
Total revenue (i)	131,200
Expenses:
Depreciation expense	9,000
Insurance expense	1200
Interest expense	4,800
Office supplies expense	2,886
Rent expense	24,000
Repairs expense	2,714
Subscription expense	800
Telephone expense	1,800
Wages expense	97,000
Total expenses (ii)	144,200
Net Loss (i) - (ii)	- $13,000