Presented here are the accounts of Gate City Answering Service for the year ende
ID: 2348227 • Letter: P
Question
Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2012.
Land $8,000 Owner investment, 2012 $28,000
Note payable 32,000 Accounts payable 11,000
Property tax expense 2,600 Accounts receivable 1,000
Wayne, drawing 30,000Advertising expense 15,000
Rent expense 13,000 Building 145,200
Salary expense 65,000 Cash 3,000
Salary payable 1,300 Equipment 16,000
Service revenue 192,000 Insurance expense 2,500
Supplies 10,000 Interest expense 7,000
Waynce, capital,12/31/2011 54,000
Requirements 1. Prepare Gate City Answering Service income statement.
Gate City Answering Service Income Statement Year Ended December 31, 2012 Revenue: Service revenue $ 192,000 Expenses: Insurance expense Total expenses - Net income $ 192,000Explanation / Answer
Services & Revenue 192,000 Expenses: Property tax expense 2,600 Advertising expense 15,000 Rent expense 13,000 Salary expense 65,000 Insurance expense 2,500 Interest expense 7,000 Total Expenses 105,100 Net Income 86,900
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