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On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.Service revenue       $75,000               Rent expense            $10,600Postage expense         1,500               Salaries expense          24,000Legal fees expense      2,400               Supplies expense        14,500In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders’ equity.

On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.Service revenue       $75,000               Rent expense            $10,600Postage expense         1,500               Salaries expense          24,000Legal fees expense      2,400               Supplies expense        14,500In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders’ equity.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...
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On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.

Service revenue       $75,000               Rent expense            $10,600
Postage expense         1,500               Salaries expense          24,000
Legal fees expense      2,400               Supplies expense        14,500

In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000.

Required:
1. Prepare an income statement.
2. Prepare a statement of stockholders’ equity.

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