Question

Question 2 View Policies Current Attempt in Progress Ivanhoe's Home Renovations was started in 2008 by Jim Ivanhoe, Jim operates the business from an office in his home. Listed below.in alphabetical order, are the company's assets and liabilities as at December 31, 2021, and the revenues, expenses, and drawings for the year ended December 31, 2021: Accounts payable $8,301 Operating expenses $3.252 Accounts receivable 10.372 Prepaid insurance 1.572 Cash 7.550 Salaries expense 89.289 Equipment 29.518 Service revenue 154,658 Insurance expense 4,170 Supplies 521 Interest expense 1.314 Supplies expense 19.637 3. Ivanhoe, drawings 45,474 Unearned revenue 14.389 Notes payable 30,990 Vehicles 41.850 Jim's capital at the beginning of 2021 was $46.181. He made no investments during the year. Prepare the income statement IVANHOE'S HOME RENOVATIONS

Answer 1

Income statement is given below:

Description	Amount
Revenues & other items:
Service revenue	$154658
Total revenues & other items	$154658
Expenses & other items:
Insurance expense	$4170
Operating expenses	$3252
Salaries expense	$89289
Supplies expense	$19637
Interest expense	$1314
Total expenses & other items	($117662)
Net income	$36996