The adjusted trial balance of Parsons Company at December 31, 2017, includes the following accounts: Common Stock $16,200, Dividends $7,500, Service Revenue $38,600, Salaries and Wages Expense $15,500, Insurance Expense $2,600, Rent Expense $3,700, Supplies Expense $1,500, and Depreciation Expense $1,900. Prepare an income statement for the year.
Homework Answers
Answer:
PARSONS COMPANY
Income Statement
For the year ended December 31,2017
| Service Revenue | $38,600 | |
| Expenses: | ||
| Salaries and wages | $15,500 | |
| Insurance Expense | $2,600 | |
| Rent Expense | $3,700 | |
| Supplies Expense | $1,500 | |
| Depreciation Expense | $1,900 | |
| Total Expenses | $25,200 | |
| Net Income | $13,400 |
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