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10 July, 22:57

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $4,000Salaries expense 1,500Accounts payable 2,000Retained earnings 4,400Utilities expense 1,000Supplies 12,400Service revenue 7,900Common stock 4,600 Use only the appropriate accounts to prepare an income statement.

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  1. 10 July, 23:34
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    The preparation of the income statement is presented below:

    Cowboy Law Firm

    Income statement

    At the end of December

    Particulars Amount

    Service revenue $7,900

    Less: expenses

    Salaries expense - $1,500

    Utilities expense - $1,000

    Net income $5,400
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Home » Business » Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $4,000Salaries expense 1,500Accounts payable 2,000Retained earnings 4,400Utilities expense 1,000Supplies 12,400Service revenue 7,900Common stock 4,600
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