Question

A tabular analysis of the transactions made during August 2022 by Wildhorse Co. during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained. Assets = Liabilities + Stockholders' Equity Cash + A/R + Supp. + Equip. = Accounts Payable + Common Stock + Retained Earnings Revenues - Expenses - Dividends 1. $21,400 $21,400 -1,730 $4,980 $3,250 -900 $900 4,900 $5,600 $10,500 Serv. Rev. i -1,800 -1,800 -3,000 -$3,000 -810 - $810 Rent Exp. 360 -360 o -2,700 Sal. Exp. -2,700 -360 360 Util. Exp.

Answer 1

--Requirement asked: Income Statement

Income Statement
for the month ending Aug 31, 2022
Revenues:
Service Revenue		$10,500
Expenses:
Rent Expense	$810
Salaries expense	$2,700
Utilities expense	$360
Total Expenses		$3,870
Net Income		$6,630