Chapter 2 Homework Assignme, The ful disclosure perciple dict × G wiley plusques

Question

Chapter 2 Homework Assignme, The ful disclosure perciple dict × G wiley plusquestions examina. >-M weekly C × com/courses/11192/assi These financial statement items are for Wildhorse Co. at year end, July 31, 201. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends $ 3.880 59.200 17,000 20.300 4,100 67,800 9,900 2,900 16.000 30,900 10,880 7,600 4,000 5,600 35,700 Retained earnings (beginning of the year) (a1) Prepare an income statement for the year.Wildhorse Co.did not issue any new stock during the year Wildhorse Co. Income Statement

Explanation / Answer

Wildhorse Co

Income statement

for the year ended 31 July, 2017

Revenues

Service revenue                                     $67,800

Rent revenue                                            $9,900

Total revenues                                                                $ 77,700

Expenses

Salaries and wages expense                  $59,200

Supplies expense                                    $17,000

Depreciation expense                               $5,600

Total expenses                                                                $81,800

Net loss                                                                            $(4,100)

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