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Below are the account balances for Cowboy Law Firm at the end of December
Below are the account balances for Cowboy Law Firm at the end of December.
| Accounts | Balances | ||
| Cash | $ | 3,700 | |
| Salaries expense | 1,350 | ||
| Accounts payable | 1,700 | ||
| Retained earnings | 4,550 | ||
| Utilities expense | 1,000 | ||
| Supplies | 12,100 | ||
| Service revenue | 7,600 | ||
| Common stock | 4,300 | ||
Required:
Use only the appropriate accounts to prepare an income statement.
| Accounts | Balances | ||
| Cash | $ | 3,700 | |
| Salaries expense | 1,350 | ||
| Accounts payable | 1,700 | ||
| Retained earnings | 4,550 | ||
| Utilities expense | 1,000 | ||
| Supplies | 12,100 | ||
| Service revenue | 7,600 | ||
| Common stock | 4,300 | ||
|
||||||||||||||||||||||||||||||||||
Use only the appropriate accounts to prepare an income statement.
Expert Solution
| COWBOY LAW FIRM | ||
| Income Statement | ||
| Service revenue | 7600 | |
| Expenses: | ||
| Salaries expense | 1350 | |
| Utilities expense | 1000 | |
| Total expenses | 2350 | |
| Net income | 5250 | |
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