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Prepare the income statement for the year ended December 31, 2024. The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following
Prepare the income statement for the year ended December 31, 2024.
The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $40,000, of which $19,000 is on account. 2. May 2 Collect on accounts receivable, $16,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $9,500 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $11,000. 6. October 19 Purchase equipment for $6,000 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. Prepare the income statement for the year ended December 31, 2024Step by Step Solution
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