Ask Question
BusinessBusiness
15 June, 05:10

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--

+2
Answers (1)
  1. 15 June, 08:55
    0
    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
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Based on the following data, what is the amount of working capital? Accounts payable $30,000 Accounts receivable 60,000 Accrued liabilities 5,000 Cash 40,000 Intangible assets 50,000 Inventory 69,000 Long-term investments 80,000 Long-term
Answers (1)
a) Under the leadership of Suharto, the Indonesian economy grew at a steady pace. Why was this ultimately not sustainable?
Answers (1)
Mario Dean owns a Wendy's franchise. Mario feels that the franchisor is hurting his business by forcing him to use certain high-priced suppliers. The franchisor says that this power is implied in the franchise agreement.
Answers (1)
A project's opportunity cost of capital is: Multiple Choice: O the return that shareholders could expect to earn by investing in the financial markets. O the return earned by investing in the project.
Answers (1)
Emily works in the stockroom at a retail store for $10/hour on Saturdays. The store is within near walking distance of her home. She can make $15/hour by babysitting on Saturday, but she must spend $2 on gas to drive to her babysitting job.
Answers (1)
New Questions in Business
In a process cost system, the amount of work in process inventory is valued by a. allocating departmental costs between completed and partially completed units b. finding the sum of all completed jobs c.
Answers (1)
Measures of central tendency and variability are calculated to describe the nature of charitable giving each year. These figures are computed for the "average" American citizen. Which of these is a possible value for the variance in dollars given? A.
Answers (1)
How do you get a business at the age of 13
Answers (2)
Use the following data to compute total factory overhead costs for the month: Sales commissions $ 12,200 Direct labor 41,000 Indirect materials 16,600 Factory manager salaries 8,600 Factory supplies 10,400 Indirect labor 7,700 Depreciation-office
Answers (1)
Last quarter, RP Enterprises earned $220,000 in sales revenue and had $90,000 cost of goods sold (at standard).
Answers (1)
Home » Business » 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.
Sign Up Forgot Password?