es Below are the account balances for Cowboy Law Firm at the end of December. Balances $ 5,400 2,200 3,400 3,900 1,200 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue. Common stock Required: Use only the appropriate accounts to prepare an income statement. Service revenue Expenses: COWBOY LAW FIRM Income Statement For the Period Ended December 31 Salaries expense Utilities expense 13,800 9,300 6,000 Total expenses Net income 0

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…