The account balances of Wilson Towing Service at June 30, 2023, follow:

Required

1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2023. List expenses from the highest to the lowest dollar amount. 

2. What does the income statement report?

Transcribed Image Text:

Equipment.............. Office Supplies............. Note Payable... Rent Expense... Cash J. Wilson, Withdrawals. www $ 25,850 Service Revenue..... Accounts Receivable. 6,800 Accounts Payable...... 1,000 900 J. Wilson, Capital, June 1, 2023..... 1,400 Salaries Expense.... 3,500 $ 15,000 9,000 8,000 3,250 2,400