Question
INCOME STATEMENT From the partial work sheet for Case Advising below, prepare an income statement. (Net income $1990.00). Work Sheet (Partial) For Month Ended January
INCOME STATEMENT From the partial work sheet for Case Advising below, prepare an income statement. (Net income $1990.00).
| Work Sheet (Partial) For Month Ended January 31, 20 - - | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| ACCOUNT TITLE | INCOME STATEMENT | BALANCE SHEET |
| ||||||||||||||||||
| DEBIT | CREDIT | DEBIT | CREDIT | |||||||||||||||||||
| 1 | Cash |
|
|
|
|
|
|
|
|
|
| 1 | 2 | 1 | 2 | 00 |
|
|
|
|
| 1 |
| 2 | Accounts Receivable |
|
|
|
|
|
|
|
|
|
|
| 8 | 9 | 6 | 00 |
|
|
|
|
| 2 |
| 3 | Supplies |
|
|
|
|
|
|
|
|
|
|
| 4 | 8 | 2 | 00 |
|
|
|
|
| 3 |
| 4 | Prepaid Insurance |
|
|
|
|
|
|
|
|
|
|
| 9 | 0 | 0 | 00 |
|
|
|
|
| 4 |
| 5 | Office Equipment |
|
|
|
|
|
|
|
|
|
| 3 | 0 | 0 | 0 | 00 |
|
|
|
|
| 5 |
| 6 | Accum. Depr.Office Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 | 0 | 0 | 00 | 6 |
| 7 | Accounts Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 | 0 | 0 | 0 | 00 | 7 |
| 8 | Wages Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 | 0 | 0 | 00 | 8 |
| 9 | Bill Case, Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 | 0 | 0 | 0 | 00 | 9 |
| 10 | Bill Case, Drawing |
|
|
|
|
|
|
|
|
|
|
| 8 | 0 | 0 | 00 |
|
|
|
|
| 10 |
| 11 | Advising Fees |
|
|
|
|
| 3 | 7 | 9 | 3 | 00 |
|
|
|
|
|
|
|
|
|
| 11 |
| 12 | Wages Expense |
| 8 | 0 | 0 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12 |
| 13 | Advertising Expense |
|
| 8 | 0 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13 |
| 14 | Rent Expense |
| 5 | 0 | 0 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14 |
| 15 | Supplies Expense |
| 1 | 2 | 0 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15 |
| 16 | Telephone Expense |
|
| 5 | 8 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 16 |
| 17 | Electricity Expense |
|
| 4 | 4 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 17 |
| 18 | Insurance Expense |
|
| 3 | 0 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 18 |
| 19 | Gas and Oil Expense |
|
| 3 | 8 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 19 |
| 20 | Depr. ExpenseOffice Equipment |
| 1 | 0 | 0 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 20 |
| 21 | Miscellaneous Expense |
|
| 3 | 3 | 00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21 |
| 22 |
| 1 | 8 | 0 | 3 | 00 | 3 | 7 | 9 | 3 | 00 | 7 | 2 | 9 | 0 | 00 | 5 | 3 | 0 | 0 | 00 | 22 |
| 23 | Net Income | 1 | 9 | 9 | 0 | 00 |
|
|
|
|
|
|
|
|
|
| 1 | 9 | 9 | 0 | 00 | 23 |
| 24 |
| 3 | 7 | 9 | 3 | 00 | 7 | 2 | 9 | 0 | 00 | 7 | 2 | 9 | 0 | 00 | 7 | 2 | 9 | 0 | 00 | 24 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started