The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd. Adjusted Trial Balance December 31, 2019 Cash $ 8,950 Accounts receivable 53,530 Prepaid rent 2,200 Equipment 45,690 Accumulated amortization $ 18,930 Accounts payable 15,900 Interest payable 900 Salary payable 3,500 Income tax payable 4,700 Note payable (due 2025) 19,500 Common shares 8,000 Retained earnings 29,325 Dividends 30,000 Commissions 227,480 Depreciation expense 6,260 Salary expense 140,500 Rent expense 26,400 Interest expense 1,500 Income tax expense 13,205 Total $328,235 $328,235 Required: 1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd. for the year ended December 31, 2019.
The adjusted
Palm Realtors Ltd.
Adjusted Trial Balance
December 31, 2019
Cash $ 8,950
Accounts receivable 53,530
Prepaid rent 2,200
Equipment 45,690
Accumulated amortization $ 18,930
Accounts payable 15,900
Interest payable 900
Salary payable 3,500
Income tax payable 4,700
Note payable (due 2025) 19,500
Common shares 8,000
Dividends 30,000
Commissions 227,480
Depreciation expense 6,260
Salary expense 140,500
Rent expense 26,400
Interest expense 1,500
Income tax expense 13,205
Total $328,235 $328,235
Required:
1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.
for the year ended December 31, 2019.
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