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11 June, 11:33

Use the following list of accounts for Milner's Star Express Cleaning Service. Cash $2,026 Fees Earned 13,835 Accounts Payable 7,530 D. Milner, Capital January 1, 20- - 6,000 D. Milner, Drawing 1,750 Utilities Expense 153 Prepaid Insurance 1,216 Rent Expense 1,200 Accounts Receivable 4,080 Equipment 15,290 Wages Expense 1,650 Required: 1. Prepare an income statement for the year ended December 31, 20--. Milner's Star Express Cleaning Service Income Statement For the Year Ended December 31, 20--

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  1. 11 June, 12:11
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    Milner's Star Express Cleaning

    Income Statement For the Year Ended December 31, 20--

    Fees Earned 13,835

    Utilities Expense 153

    Rent Expense 1,200

    Wages Expense 1,650

    total expenses 3,003

    net income 10,832

    Explanation:

    We will subtract the expenses account from the fees earned to get net income

    The other accounts will be ignores as they are not used in the calculations for the net income
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