Crane Design founded by Thomas Grant

Crane Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2017.
CRANE DESIGN
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2017
Debit Credit
Cash $11,595
Accounts Receivable 22,095
Supplies 5,595
Prepaid Insurance 3,095
Equipment 60,595
Accumulated Depreciation-Equipment $35,595
Accounts Payable 5,595
Interest Payable 210
Notes Payable 7,000
Unearned Service Revenue 6,195
Salaries and Wages Payable 1,472
Common Stock 10,595
Retained Earnings 4,095
Service Revenue 62,095
Salaries and Wages Expense 11,895
Insurance Expense 1,022
Interest Expense 210
Depreciation Expense 9,000
Supplies Expenses 3,400
Rent Expense 4,350
$132,852 $132,852

Prepare an income statement for the year ending December 31, 2017. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
CRANE DESIGN
Income Statement

 

 

 

 

Sample Solution

ACED ESSAYS