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Use the following information for the Quick Studies below. (Static) [The following information applies to the questions displayed below.) Lawson Consulting, which began operations on
Use the following information for the Quick Studies below. (Static) [The following information applies to the questions displayed below.) Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $10,500 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable 1. Lawson, Capital $ 5,000 1. Lawson, Withdrawals 4,500 Services revenue 6,500 Rent expense 3,000 Wages expense 10,500 $ 1,500 12,000 2,000 6,000 QS 2-15 (Static) Preparing an income statement LO P1 Use the above information to prepare a December income statement for the business. LAWSON CONSULTING Income Statement
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