ment Problem 2-2B These items are taken from the financial statements of Blue Sp

Question

ment Problem 2-2B These items are taken from the financial statements of Blue Spruce Corp. Prepaid insurance $5,470 Equipment Salaries and wages expense Utilities expense Accumulated depreciation-equipment Accounts payable Cash Accounts receivable Salaries and wages payable Common stock Depreciation expense Retained earnings (beginning) Dividends Service revenue Maintenance and repairs expense 31,340 35,260 2,260 11,200 8,320 9,700 4,020 6,070 6,000 4,060 15,340 , 2,600 52,260 2,440 2,040 Insurance expense Your answer is correct. Prepare an income statement for the year ended December 31, 2014. olicy 9 2000-2017 1ohn Wiley & Sons. Inc. All Rights Reserved. A Division of John Wiley & Sen I

Explanation / Answer

Income Statement and Balance Sheet is as prepared below:

Blue Spruce Corp. Income Statement For Year Ended December 31, 2014 Particulars Amount ($) Amount ($) Service Revenue 52,260 Less: Expenses Salaries expense 35,260 Utilities Expense 2,260 Depreciation exp 4,060 Maintenance and Repairs Expense 2,440 Insurance Expense 2,040 46,060 Net income 6,200

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