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need income statement help Susan Wilson opened a law office on July 1,2022. On July 31, the balance sheet showed Cash 55.400, Accounts Receivable $1.500.
need income statement help Susan Wilson opened a law office on July 1,2022. On July 31, the balance sheet showed Cash 55.400, Accounts Receivable \$1.500. Supplies \$600. Equipment \$5,500. Accounts Payable $3,700, and Owner's Capital \$9.300. During August, the following transactions occurred. 1. Collected $1.200 of accounts receivable 2. Paid $2,900 cashon accounts payable. 3. Recognized revenue of $8,000 of which $3,400 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,000, paying $300 in cash and the balance on account. 5. Paid salaries $2,400, rent for August $1,200, and advertising expenses 5450 . 6. Withdrew $1.100 in cash for personaluse 7. Recelved $2.000 from Standard Federal Bank-money bor owed on a nte payable B. Incurred utilityexpenses for month on account $180. Prepare an income statement for August. SUSANWILSON, ATTORNEY AT LAW IncomeStatement 5 5
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