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The following information is available for M/s Santos Inc. on December 31, 2019. Services revenue $120,000 Internet expense $4,000 Salary expense $20,000 Depreciation expense $1,500
The following information is available for M/s Santos Inc. on December 31, 2019.
Services revenue | $120,000 | Internet expense | $4,000 |
Salary expense | $20,000 | Depreciation expense | $1,500 |
Rent expense | $5,000 | Insurance expense | $1,000 |
Interest expense | $1,000 | Utilities expense | $1,000 |
Tax expense | $25,000 | Stock | $ 120,000 |
Fuel expense | $1,000 | Interest revenue | $ 5,500 |
Note payable | $ 20,000 | Cash | $ 20,000 |
Required:
- Prepare the income statement
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