Question

DO AFAP.

Flower Petal Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: (Click the icon to view the assembled data of Flower Petal Arrangements.) Prepare the income statement of Flower Petal Arrangements for the year ended December 31, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Data Table Insurance Expense $ 3,000 Salaries Expense $ 45,000 Service Revenue 92.000 1,800 Accounts Payable Office Supplies 1,200 2,100 Utilities Expense Rent Expense 13,000 Dividends 5,000 Common Stock 8,500 7,500 Accounts Receivable Equipment 7,000 23,400 Cash Retained Earnings, January 1, 2024 4,900 Print Done Net Income

Answer 1

Solution

Flower Petal Arrangements
Income Statement
For the Year ended December 31, 2024
Revenues
Service revenue		$        92,000
Expenses
Insurance expense	$       3,000
Utility expense	$       1,200
Rent expense	$     13,000
Salaries expense	$     45,000
Total expenses		$        62,200
Net income		$        29,800

Alternate solution assuming office supplies is also an expense.

Flower Petal Arrangements
Income Statement
For the Year ended December 31, 2024
Revenues
Service revenue		$        92,000
Expenses
Insurance expense	$       3,000
Utility expense	$       1,200
Rent expense	$     13,000
Salaries expense	$     45,000
Office supplies	$       2,100
Total expenses		$        64,300
Net income		$        27,700