Jeffery Company has just completed operations for the year ended December 31, 20
ID: 2432887 • Letter: J
Question
Jeffery Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business.
Accounts Payable
$ 12,200
Office Expense
$ 6,500
Accounts Receivable
14,500
Rent Expense
9,600
Cash
8,200
Retained Earnings, Jan. 1, 2016
8,300
Common Stock
9,000
Salaries Expense
36,000
Dividends
13,500
Service Revenue
84,000
Equipment
15,000
Utilities Expense
6,200
Insurance Expense
4,000
Prepare the income statement. Use a proper heading.
Accounts Payable
$ 12,200
Office Expense
$ 6,500
Accounts Receivable
14,500
Rent Expense
9,600
Cash
8,200
Retained Earnings, Jan. 1, 2016
8,300
Common Stock
9,000
Salaries Expense
36,000
Dividends
13,500
Service Revenue
84,000
Equipment
15,000
Utilities Expense
6,200
Insurance Expense
4,000
Explanation / Answer
Prepare income statement :
Revenue Service revenue 84000 Expense Insurance expense -4000 Office expense -6500 Rent expense -9600 Salaries expense -36000 Utilities expense -6200 Total expense -62300 Net income 21700Related Questions
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