Question

Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = + + Revenues – Expenses – Dividend 1. $14,600 $14,600 2. –1,800 $4,300 $2,500 3. –750 $750 4. 5,100 $3,500 $8,600 Service Revenue 5. –1,000 –1,000 6. –1,900 -$1,900 7. –700 –$700 Rent Expense 8. 350 –350 9. –4,000 –4,000 Salaries/Wages Expense 10. 550 –550 Utilities Expense

(a) Prepare an income statement for August. Sheridan Company Income Statement Choose the accounting period August 31, 2019For the Year Ended August 31, 2019For the Month Ended August 31, 2019 Select an opening name for section one DividendsExpensesNet Income / (Loss)Retained earnings, August 1Retained earnings, August 31RevenuesTotal ExpensesTotal RevenuesInvestment Select an item $Enter a dollar amount Select an opening name for section two DividendsExpensesNet Income / (Loss)Retained earnings, August 1Retained earnings, August 31RevenuesTotal ExpensesTotal RevenuesInvestment Select an item $Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Select a closing name for section two     Dividends    Expenses    Net Income / (Loss)    Retained earnings, August 1    Retained earnings, August 31    Revenues    Total Expenses    Total Revenues    Investment     Enter a total amount for section two Select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained earnings, August 1Retained earnings, August 31RevenuesTotal ExpensesTotal RevenuesInvestment $Enter a total amount for this statement

Answer 1

Answer

--Income Statement asked

Income Statement
For the year ended 31 Aug 2019
Revenues:
Service Revenue		$8,600
Expenses:
Rent Expense	$700
Salaries & Wages expense	$4,000
Utilities expense	$550
Total expenses		$5,250
Net Income / (loss)		$3,350