Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1.6E
Below are the account balances for Cowboy Law Firm at the end of December.
| Accounts | Balances |
| Cash | $5,400 |
| Salaries expense | 2,200 |
| Accounts payable | 3,400 |
| 3,900 | |
| Utilities expense | 1,200 |
| Supplies | 13,800 |
| Service revenue | 9,300 |
| Common stock | 6,000 |
Required:
Use only the appropriate accounts to prepare an income statement.
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Below are the account balances for Cowboy Law Firm at the end of December.
Balances
$ 4,300
1,650
Accounts
Cash
Salaries expense
Accounts payable
Retained earnings
Utilities expense
Supplies
Service revenue
Common stock
Expenses:
Required:
Use only the appropriate accounts to prepare an income statement.
2,300
4,250
1,000
12,700
8,200
4,900
COWBOY LAW FIRM
Income Statement
For the Period Ended December 31
Total expenses
Below are the account balances for Cowboy Law Firm at the end of
December.
Accounts
Cash
Salaries expense
Accounts payable
Retained earnings
Utilities expense
Supplies
Service revenue
Common stock
Expenses:
Balances
$ 4,200
1,600
2,200
Total expenses
4,400
1,100
Required:
Use only the appropriate accounts to prepare an income statement.
12,600
8,100
4,800
COWBOY LAW FIRM
Income Statement
For the Period Ended December 31
Below are the account balances for Cowboy Law Firm at the end of December.
Accounts
Balances
Cash
$4,300
Salaries expense
1,650
Accounts payable
2,300
Retained earnings
4,250
Utilities expense
1,000
Supplies
12,700
Service revenue
8,200
Common stock
4,900
Required:
Use only the appropriate accounts to prepare an income statement.
Chapter 1 Solutions
Financial Accounting
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