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The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash $ 7,000 106 Accounts receivable 27,200 153 Trucks 42,000 154 Accumulated depreciation—Trucks $ 17,500 183 Land 32,000 201 Accounts payable 15,000 209 Salaries payable 4,200 233 Unearned revenue 3,600 301 E. Happ, Capital 65,500 302 E. Happ, Withdrawals 15,400 401 Plumbing revenue 84,000 611 Depreciation expense—Trucks 6,500 622 Salaries expense 46,700 640 Rent expense 13,000 Totals $ 189,800 $ 189,800 Use the adjusted trial balance to prepare the December 31 year-end income statement.
The adjusted trial balance for Happ Company follows. Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash $ 7,000 106 Accounts receivable 27,200 153 Trucks 42,000 154 Accumulated depreciation—Trucks $ 17,500 183 Land 32,000 201 Accounts payable 15,000 209 Salaries payable 4,200 233 Unearned revenue 3,600 301 E. Happ, Capital 65,500 302 E. Happ, Withdrawals 15,400 401 Plumbing revenue 84,000 611 Depreciation expense—Trucks 6,500 622 Salaries expense 46,700 640 Rent expense 13,000 Totals $ 189,800 $ 189,800 Use the adjusted trial balance to prepare the December 31 year-end income statement.
Final answer:The year-end income statement for Happ Company includes a total revenue of $84,000, total expenses of $66,200, and subsequent net income of $17,800.Explanation:To prepare the December 31 year-end income statement for Happ Company, we only need the revenue and expense accounts. Firstly, we ascertain the company's revenue by summing thePlumbing revenuewhich amounts to $84,000. Secondly, we calculate the total expenses by adding together all the expense accounts, namely,Depreciation expense—Trucksat $6,500 and theSalaries expenseof $46,700 along with the Rent expense of $13,000, totalling $66,200. Subtracting the total expenses from the total revenues, we find the net income which in this case is $17,800 ($84,000 - $66,200).Learn more about Income Statement here:brainly.com/question/33036593#SPJ1...