Question

Requirement 1. Prepare the income statement of Post Maple Garden Supply, Inc., for the year ended December 31, 2018 Let's begin the heading and then complete the rest of the statement. (If a box is not used in the financial statements leave the box empty: do not select a label or enter a zero. Use parentheses or a minus sign to enter a net loss.) Post Maple Garden Supply, Inc. Income Statement Year Ended December 31, 2018 Revenue: 0 Data Table Expenses: Equipment ...........$ 120,000 Land..................$ 21,000 Interest expense ...... 10,100 Note payable........ 99,300 Interest payable ........ 2,300 Property tax expense... 7.700 Accounts payable ..... 27,000 Rent expense......... 40,200 Salary expense ....... 108,700 Accounts receivable 84,700 Building 405,000 Service revenue ....... 452.700 Cash 49,000 Supplies........... . 6.100 Common stock...... 26,100 Utilities expense.... 8,900 Beginning retained earnings was $364,000, and dividends declared and paid totaled $110,000 for the year. Net income (loss)

Answer 1

Post Maple Garden supply Inc

Income statement

Year ended December 31,2018

Revenue
Service revenue		452700
Expense
Salaries expense	108700
Rent expense	40200
Utilities expense	8900
Property tax expense	7700
Interest expense	10100
Total expenses		175600
Net income (loss)		277100