$ 25,850 Service Revenue 1,000 Accounts Receivable 6,800 Accounts Payable $ 15,000 9,000 8,000 3,250 2,400 11,000 Equipment Office Supplies Notes Payable Rent Expense 900 Retained Earnings, June 1, 2018 1,400 Salaries Expense Cash Dividends 3,500 Common Stock

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Use the following information to answer Exercises E1-31 through E1-33.

The account balances of Wilson Towing Service at June 30, 2018, Follow:

Preparing the income statement

Requirements

  1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2018.
  2. What does the income statement report?

 

$ 25,850 Service Revenue
1,000 Accounts Receivable
6,800 Accounts Payable
$ 15,000
9,000
8,000
3,250
2,400
11,000
Equipment
Office Supplies
Notes Payable
Rent Expense
900 Retained Earnings, June 1, 2018
1,400 Salaries Expense
Cash
Dividends
3,500 Common Stock
Transcribed Image Text:$ 25,850 Service Revenue 1,000 Accounts Receivable 6,800 Accounts Payable $ 15,000 9,000 8,000 3,250 2,400 11,000 Equipment Office Supplies Notes Payable Rent Expense 900 Retained Earnings, June 1, 2018 1,400 Salaries Expense Cash Dividends 3,500 Common Stock
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