(L. OBJ. 9) Preparing the income statement [10 min] Party Planners Extraordinaire has j...

(L. OBJ. 9) Preparing the income statement [10 min]

Party Planners Extraordinaire has just completed operations for the year ended December 31, 2011. This is the third year of operations for the company. As the owner, you want to know how well the business performed during the year. To address this question, you have assembled the following data:

Requirement

1. Prepare the income statement of Party Planners Extraordinaire for the year ended December 31, 2011.