Prepare the income statement. Start with the heading and then complete the rest of the statement....
Prepare the income statement.
Start with the heading and then complete the rest of the statement.
|
Payments of cash: |
||||
|
Acquisition of equipment . . . . . . . . . . . . |
$206,500 |
Cash balance, August 1, 2017 . . . . . . . . . . |
$0 |
|
|
Dividends . . . . . . . . . . . . . . . . . . . . . . . . |
2,000 |
Cash balance, August 31, 2017 . . . . . . . . . |
5,900 |
|
|
Retained earnings |
Cash receipts: |
|||
|
August 1, 2017 . . . . . . . . . . . . . . . . . . . |
0 |
Issuance (sale) of stock to owners . . . . |
20,100 |
|
|
Retained earnings |
Rent expense . . . . . . . . . . . . . . . . . . . . . . . |
1,900 |
||
|
August 31, 2017 |
? |
Common stock . . . . . . . . . . . . . . . . . . . . . . |
20,100 |
|
|
Utilities expense . . . . . . . . . . . . . . . . . . . . . |
5,700 |
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . |
206,500 |
|
|
Adjustments to reconcile net income |
Office supplies . . . . . . . . . . . . . . . . . . . . . . |
7,500 |
||
|
to net cash provided by operations . . . . |
1,500 |
Accounts payable . . . . . . . . . . . . . . . . . . . . |
9,000 |
|
|
Salary expense . . . . . . . . . . . . . . . . . . . . . . |
78,200 |
Service revenue . . . . . . . . . . . . . . . . . . . . . |
278,600 |
PrintDone
Homework Answers
Prepare income statement :
| REVENUE | ||
| Service revenue | 278600 | |
| EXPENSES | ||
| Salary expense | (78200) | |
| Utilities expense | (5700) | |
| Rent expense | (1900) | (85800) |
| NET INCOME | 192800 | |
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