Following are the accounts and their amounts for Bright Futures Company for the month ended August 31.

Accounts Amounts

Telephone expense $ 1,150

Cash 3,000

Accounts payable 1,540

Dividends 800

Fees earned 15,700

Rent expense 1,400

Supplies 140

Accounts receivable 1,500

Computer equipment 17,600

Common stock 10,000

Retained earnings (August 1) 4,320

Wages expense 4,800

Utilities expense 750

Office expense 420

Required:

Prepare in good format an income statement for Bright Futures Company for the month ended August 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the Income statement.

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Labels and Amount Descriptions

LabelsAugust 31ExpensesFor Month Ended August 31Amount DescriptionsTotal expensesNet incomeNet loss

Prepare in good format an income statement for Bright Futures Company for the month ended August 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the Income statement.