Answered: Prepare an income statement for the year ending December 31, 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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Question

Prepare an income statement for the year ending December 31, 2021

The following information relates to Kay's Beauty Salon for 2021:
$8,448
$22,356
$6,555
$35,000
$99,113
$60,000
Supplies expense
Product sales revenue
Utilities expense
Salaries expense
Service revenue
Rent expense

Expert Solution

Step 1 Introduction

Income statement: It is a statement which shows the net income of the company by subtracting total expenses from total revenues.

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