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    bosey's Avatar
    bosey Posts: 7, Reputation: 1
    New Member

    Jun 7, 2006, 03:53 AM
    A-1 Photography Homework Assignment: Income Statement (Balance)

    Adjusted Trial Balance Entries: (Month Ending September 30, 2006)

    Service Revenue:

    Photographic Service Revenue 4,700

    Expenses: Adjusted Trial Balance Amount:

    Salary Expense - 3,850
    Rent Expense (Prepaid 3,600) 900
    Utilities 275
    Photographic Supplies Expense 749
    Office Supplies Expense 105
    Insurance Expense (Prepaid 2,400) 200
    Photographic Equipment Depreciation Expense 400
    Office Equipment Depreciation Expense 250
    Vehicle Depreciation Expense 500
    Gas and Oil Expense 200
    Janitorial Expense 100
    Advertising Expense 350
    Interest Expense 100
    Miscellaneous Expense 18

    If you are to move the amounts over to the “Income Statement” from the
    ”Adjusted Trial Balance”. How is it possible to come up with an ending balance on “Income Statement” of $9,253. This is the answer to this assignment. I’m confused, please help me! Is the $9,253 net income balance or income statement balance? How is this possible?

    Thank you in advance for your assistance

    I have another question. This project is very confusing. Please help me! This project is due on Saturday, June 10th.

    How is it possible to come up with the amount of $9,253 as net income on the income statement if expenses total $7,997 and service revenue total is $4,700. I thought that total service revenue is supposed to be higher than total expenses? All of my other accounts (trial balance, adjustments and adjusted trial balance) add up. The problem I am having is when I go to move the balances over to the income statement and balance sheet these balances do not add up. How is this possible?

    Please help me, as I have been working on this project since Saturday of last week.


    Trial Balance : 141,180
    Adjustments: 4,054
    Adjusted Trial Balance: 149,780

    Thank you!
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Jun 7, 2006, 01:24 PM
    When I add up all your expenses I get 7,997.

    So perhaps the 9,253 in the Net Income.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member

    Jun 7, 2006, 05:13 PM
    I see you have eidted your post to include Revenue of 4,700.

    In that case, it would be a Net Loss of 3,297

    Perhaps you made an error somewhere along the way?

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