Question

Liu Zhang operates Lawson Consulting, which began operations in June 1st. The Retained Earnings account balance at June 1st was $0 and the owner invested $13,010 cash in the company on June 1. On June 30th the company's records show the following accounts and amounts for the month of June.

Required information The following information applies to the questions displayed below Liu Zhang operates Lawson Consulting, which began operations on June 1 The Retained Earnings account balance at June 1 was 50 and the owner invested $13,010 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June . Cash Accounts receivable Equipment Accounts payable Common stock $ 5,588 4,600 6,600 3,098 13,010 Dividends Service revenue Rent expense Wages expense $ 1,600 12,300 2,100 8,000 Use the above information to prepare a June income statement for the business LAWSON CONSULTING Income Statement Service revenue $ 123 s 3000 | Wages expense Rentgene Tel Expenses The income

Answer 1

LAWSON CONSULTING

Income Statement

For the month ended June 30

Revenue:
Service revenue	$12,300
Total revenue		$12,300
Expenses:
Wages expense	$8,000
Rent expense	$2,100
Total expenses		$10,100
Net income		$2,200