ACCOUNT NAMEDEBITCREDITDEBITCREDITDEBITCREDITDEBITCREDITDEBITCREDIT 1Cash5,702.000005,702.000005,702.00012Accounts Receivable809.00000809.00000809.00023Supplies551.0000240.00311.00000311.00034Prepaid Insurance1,320.0000545.00775.00000775.00045Equipment7,351.000007,351.000007,351.00056Accum. Depr., Equipment02,722.000740.0003,462.000003,462.0067Van10,468.0000010,468.0000010,468.00078Accumulated Depreciation, Van03,274.0001,255.0004,529.000004,529.0089Accounts Payable01,536.000001,536.000001,536.00910B. Vance, Capital019,748.0000019,748.0000019,748.001011B. Vance, Drawing15,880.0000015,880.0000015,880.0001112Fees Earned037,218.0000037,218.00037,218.00001213Salaries Expense18,295.000660.00018,955.00018,955.000001314Advertising Expense2,119.000002,119.0002,119.000001415Van Operating Expense795.00000795.000795.000001516Utilities Expense1,040.000001,040.0001,040.000001617Miscellaneous Expense168.00000168.000168.000001718 64,498.0064,498.00000000001819Insurance Expense00545.000545.000545.000001920Depr. Exp., Equipment00740.000740.000740.000002021Depreciation Expense, Van001,255.0001,255.0001,255.000002122Salaries Payable000660.000660.00000660.002223Supplies Expense00240.000240.000240.000002324 003,440.003,440.0067,153.0067,153.0025,857.0037,218.0041,296.0029,935.002425Net Income00000011,361.000011,361.002526 00000037,218.0037,218.0041,296.0041,296.0026Required:( 2 attach images) Required:1. Prepare an income statement.Vance CompanyIncome StatementFor Year Ended June 30, 20--Revenue:37,218Expenses:Total ExpensesNet Income%24%24 2. Prepare a statement of owner's equity. Assume that there was an additional investment of $2,400 on June 10.Vance CompanyStatement of Owner's EquityFor Year Ended June 30, 20--Subtotal

Income statement is one of the financial statement, which shows all incomes and all expenses of the…

Answered: 1. Prepare an income statement. Vance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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ACCOUNT NAME	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
1	Cash	5,702.00	0	0	0	5,702.00	0	0	0	5,702.00	0	1
2	Accounts Receivable	809.00	0	0	0	809.00	0	0	0	809.00	0	2
3	Supplies	551.00	0	0	240.00	311.00	0	0	0	311.00	0	3
4	Prepaid Insurance	1,320.00	0	0	545.00	775.00	0	0	0	775.00	0	4
5	Equipment	7,351.00	0	0	0	7,351.00	0	0	0	7,351.00	0	5
6	Accum. Depr., Equipment	0	2,722.00	0	740.00	0	3,462.00	0	0	0	3,462.00	6
7	Van	10,468.00	0	0	0	10,468.00	0	0	0	10,468.00	0	7
8	Accumulated Depreciation, Van	0	3,274.00	0	1,255.00	0	4,529.00	0	0	0	4,529.00	8
9	Accounts Payable	0	1,536.00	0	0	0	1,536.00	0	0	0	1,536.00	9
10	B. Vance, Capital	0	19,748.00	0	0	0	19,748.00	0	0	0	19,748.00	10
11	B. Vance, Drawing	15,880.00	0	0	0	15,880.00	0	0	0	15,880.00	0	11
12	Fees Earned	0	37,218.00	0	0	0	37,218.00	0	37,218.00	0	0	12
13	Salaries Expense	18,295.00	0	660.00	0	18,955.00	0	18,955.00	0	0	0	13
14	Advertising Expense	2,119.00	0	0	0	2,119.00	0	2,119.00	0	0	0	14
15	Van Operating Expense	795.00	0	0	0	795.00	0	795.00	0	0	0	15
16	Utilities Expense	1,040.00	0	0	0	1,040.00	0	1,040.00	0	0	0	16
17	Miscellaneous Expense	168.00	0	0	0	168.00	0	168.00	0	0	0	17
18		64,498.00	64,498.00	0	0	0	0	0	0	0	0	18
19	Insurance Expense	0	0	545.00	0	545.00	0	545.00	0	0	0	19
20	Depr. Exp., Equipment	0	0	740.00	0	740.00	0	740.00	0	0	0	20
21	Depreciation Expense, Van	0	0	1,255.00	0	1,255.00	0	1,255.00	0	0	0	21
22	Salaries Payable	0	0	0	660.00	0	660.00	0	0	0	660.00	22
23	Supplies Expense	0	0	240.00	0	240.00	0	240.00	0	0	0	23
24		0	0	3,440.00	3,440.00	67,153.00	67,153.00	25,857.00	37,218.00	41,296.00	29,935.00	24
25	Net Income	0	0	0	0	0	0	11,361.00	0	0	11,361.00	25
26		0	0	0	0	0	0	37,218.00	37,218.00	41,296.00	41,296.00	26

1. Prepare an income statement. Vance Company Income Statement For Year Ended June 30, 20-- Revenue: 37,218 Expenses: Total Expenses