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Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this servicc business.
Betty Smith is the owner of Accurate Tax Service. For the year ending April 30, 2019, the following information is available for this servicc business. At the beginning of this accounting period, the balance in the Betty Smith, Capital account was $30,300. Following is a summary of activities during this accounting period: Betty Smith, capital withdrawn: $19.800 Revenue from income tax preparation: $73,700 Revenue from monthly clients: $40,700 Salaries expense: $10,100 Advertising expense: $760 Rent expense: $5,900 Automobile expense: $1,300 Office supplies expense: $7,300. Note: You should assume that all profit (or loss) accrued during this accounting period is absorbed into the Betty Smith, Capital account at the end of the period. Following are the account balances at the end of this accounting period (except Betty Smith, Capital): Cash: $59.700 Accounts receivable: $4,300 Office furniture and fixtures: $12,400 Office machines and computers: $15,000 Automobile: $9,400 Accounts payable: $1,500 Prepare an income statement for the year ending April 30, 2019
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