Question

OL Score: 0 of 1 pt 5 of 11 (4 complete HW Score: 3630 SF1-12 (book/static) Centerpiece 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 time IF (Click the loon to view the assembled data of Centerpiece Arrangements) Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2024 (la box is not used in the table leave the box empty, do not select a label or entesa) Centerpiece Arrangements Balance Sheet December 31, 2024 Total Assets Accounts Receivable 5500 her in the input fields and then click Check Answer

Answer 1

Centerpiece Arrangements Balance Sheet December 31, 2024 Total Assets Accounts Receivable Office Supplies Cash Equipment Total Assets Total Liabilities Accounts Payable Common Stock Retained Earnings, December 31, 2024 Total Liabilities and Owner's equity $8,000 $1,700 $7,200 $12,100 $29,000 $17,600 $9,000 $2,400 $29,000

Centerpiece Arrangements Statement of Retained Earnings Retained Earnings, January 1, 2024 Add: Net Income $5,100 $2,100 $7,200 ($4,800) $2,400 Less: Dividends Retained Earnings, December 31, 2024

Centerpiece Arrangements Income Statement Service Revenue Insurance Expense Utilities Expense Rent Expense Salaries Expense Net Income $70,000 ($4,500) ($1,400) ($16,000) ($46,000) $2,100

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