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As you have learned, generally accepted accounting principles (GAAP) require organizations to prepare both an income statement and a balance sheet. Before the balance sheet can be prepared, the organization’s net income must be determined. This requires the accountant to pull together data from numerous system accounts and other sources of information. In this assignment, you will demonstrate your skill in putting together the necessary account data and preparing an income statement in good form.
For this assignment, use the BUS3061 Assignment u02a3 Template to prepare an income statement
Southwest Business School
Adjusted Trial Balance
December 31 20XX
Debit ($)Credit ($)
Accumulated depreciation—Professional library15,000
Unearned training fees6,600
Tuition fees earned1,09,500
Training fees earned42,400
Depreciation expense—Professional library6,000
Teaching supplies expense7,400
Utilities expense 5,600 _______
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