Flynn Design Agency was founded by Kevin Flynn in January 2009. Presented below is the adjusted trial balance as of December 31, 2010.

Flynn Design Agency was founded by Kevin Flynn in January 2009. Presented below is the adjusted trial balance as of December 31, 2010.

Flynn Design Agency was founded by Kevin Flynn in January 2009. Presented below is the adjusted trial balance as of December 31, 2010.

Flynn Design Agency

Adjusted Trial Balance

December 31, 2010

Account Titles Dr Cr

Cash $10,000

Accounts Receivable 21,500

Art Supplies 5,000

Prepaid Insurance 2,500

Printing Equipment 60,000

Accumulated Depreciation $35,000

Accounts Payable 8,000

Interest Payable 150

Notes Payable 5,000

Unearned Advertising Revenue 5,600

Salaries Payable 1,300

Common Stock 10,000

Retained Earnings 3,500

Advertising Revenue 58,500

Salaries Expense 12,300

Insurance Expense 850

Interest Expense 500

Depreciation Expense 7,000

Art Supplies Expense 3,400

Rent Expense 4,000

Total $127,050 $127,050

Prepare a single-step income statement for the year ending December 31, 2010.

Price: £ 45

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