P4. These items are taken from the financial statements of Mueller, Inc. Prepaid

Question

P4. These items are taken from the financial statements of Mueller, Inc. Prepaid insurance Equipment Salaries and wages expense Utilities expense Accumulated depreciation_ Accounts payable Cash Accounts receivable Salaries and wages payable Common stock Depreciation expense Retained earnings (beginning) Dividends Service revenue Maintenance and repairs expense Insurance expense S2,400 30,000 34,000 2,100 7,600 7,200 6,100 2,900 3,000 6,000 4,300 14,000 2,600 51,000 2,600 1,800 Instructions Pepae an inome stament, a retained camings satement, and a clasifedl balance she as of December 31, 2017

Explanation / Answer

1.

Mueller Inc. Income Statement For the year ended December 31, 2017 $ $ Service Revenue 51,000 Less: Expenses Salaries and Wages Expense 34,000 Insurance Expense 1,800 Utilities Expense 2,100 Maintenance and Repairs Expense 2,600 Depreciation Expense 4,300 Total Expenses 44,800 Net Income $ 6,200

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