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HW Score: 0%, 0 of 10 pts E1-31 (similar to) Question Help The account balances of Willy Towing Service at June 30, 2018, follow: I (Click the icon to view the account balances.) Requirements 1. Prepare the income statement for Willy Towing Service for the month ending June 30, 2018. 2. What does the income statement report? "orked at Scor Requirement 1. Prepare the income statement for Willy Towing Service for the month ending June 30, 2018. (f a box is not used in the table leave the box empty do not select a label or enter a zero.) ots: CO (sin 4 (sin 3 (sin Net Income Fprin Pr Choose from any list or enter any number in the input fields and then cick Check Answer 1 part remaining Clear All Check Answer

Answer 1

Requirement 1 Prepare Income Statement as follows: | Willy Towing Service Income Statement For the month Ended June 30, 2018 Revenue: Service revenue $14.500 Less: Expenses Rent Expense Salaries Expense ($700) ($2,000) ($2,700) Net Income $11.800 Prepare Statement of Retained Earnings as follows:

Willy Towing Service Statement of Retained Earnings For the month Ended June 30, 2018 Beginning balance $3,400 Add: Net Income $11,800 Less: Dividends ($1,000) Ending balance $14.200 Prepare Balance Sheet as follows:

Willy Towing Service Balance Sheet As on June 30, 2018 Assets Current Assets: Cash Accounts receivable Office supplies Total Current assets $1,900 $7,000 $1,300 $10,200 Equipment Total Assets $26.900 $37,100 Liabilities Accounts payable Note payable Common stock Retained Earnings Total liabilities & Stockholders' Equity $10,000 $6.900 $6.000 $14,200 $37.100