2/24/24, 11:32 PM Assignment Print View

9. Award: 3 out of 3.00 points

3-a. Prepare Wells Technical Institute's income statement for the year.
3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was
$76,000 on December 31 of the prior year.
3-c. Prepare Wells Technical Institute's balance sheet as of December 31.

Complete this question by entering your answers in the tabs below.

Req 3A Req 3B Req 3C

Prepare Wells Technical Institute's income statement for the year.

WELLS TECHNICAL INSTITUTE

Income Statement
For Year Ended December 31
Revenues 

Tuition revenue  $ 123,780 

Training revenue  46,364 

Total revenues $ 170,144

Expenses 

Salaries expense  52,651 

Insurance expense  3,864 

Rent expense  26,136 

Teaching supplies expense  7,535 

Advertising expense  7,620 

Utilities expense  6,096 

Depreciation expense—Equipment  15,458 

Depreciation expense—Professional library  7,729 

Total expenses 127,089

Net income  $ 43,055 

 Req 3A Req 3B 

References

Worksheet Learning Objective: 03-P2 Learning Objective: 03-P5 Prepare financial statements
Prepare adjusting entries for from an adjusted trial balance.
deferral of revenues.

Difficulty: 3 Hard Learning Objective: 03-P3

Prepare adjusting entries for
accrued expenses.

https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6I… 2/3
2/24/24, 11:32 PM Assignment Print View

Learning Objective: Learning Objective: 03-P4

03-P1 Prepare Prepare adjusting entries for
adjusting entries for accrued revenues.
deferral of expenses.

3-a. Prepare Wells Technical Institute's income statement for the year.
3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was
$76,000 on December 31 of the prior year.
3-c. Prepare Wells Technical Institute's balance sheet as of December 31.

Explanation:

No further explanation details are available for this problem.

https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6I… 3/3