Question

7. The asset, liabilities, and equities of Dutiful Design Studio have the following balances at December 31, 2018. The retained earnings was $40,000 at the beginning of the year. At year end, common stock was $15,000 and dividends were S52,000. (Click the icon to view the account balances.) Prepare the income statement for Dutiful Design Studio for the year ending December 31, 2018, (12) Net Income 6: Data Table $ $ Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense 9,800 19,000 3,800 4,500 60,000 1,300 Office Furniture Utilities Expense Accounts Payable Service Revenue Accounts Receivable Miscellaneous Expense 88,700 6.100 3,400 179,800 8,900 3,700

Answer 1

Answer
Drought Design Studio
Income statement for the Year Ended December 31, 2018
Revenue
Service Revenue		$     179,800
Expenses
Rent Expense	$     19,000
Salary Expense	$     60,000
Property Tax Expense	$       1,300
Utilities Expenses	$       6,100
Miscellaneous Expenses	$       3,700
Total Expenses		$       90,100
Net Income		$       89,700

Please like