Question
Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of
Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report.
FICK PSYCHOLOGICAL SERVICES, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR
Revenue: Counseling revenue $350,000
Expenses: Advertising expense $ 6,000 Salaries expense 180,000 Office supplies expense 2,000 Utilities expense 3,000 Malpractice insurance expense 9,000 Office rent expense 42,000 Continuing education expense 5,000 Depreciation expense: fixtures 8,000 Miscellaneous expense 4,000 Income taxes expense 36,000 295,000 Net income $ 55,000
Part A | |||||
Month | Day | Debit | Credit | ||
Counseling revenue | 350,000 | ||||
Income summary | 350,000 | ||||
Description: | Close revenue account | ||||
Income summary | |||||
Advertising expense | |||||
Description: | |||||
Description: | |||||
Description: | |||||
Subtotal |
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