Paid $180 for utilities. how would i do an income statement? Stockholders invest
ID: 2902472 • Letter: P
Question
Paid $180 for utilities.
how would i do an income statement?
Stockholders invested $15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $150 to advertise in the County News. 9 Received $1,400 cash for services performed. 12 Paid $200 cash dividend. 15 Performed $4,200 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,200 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $2,000 paying $200 in cash and the balance on account. 30Paid $180 for utilities.
how would i do an income statement?
Explanation / Answer
An income statement has total expenses and total revenues
Income Statement
Revenues
Service Revenue 5600
Total Revenues 5600
Expenses
Rent Expense 600
Supplies Expense 500
Advertising Expense 150
Salaries Expense 2500
Utilities Expense 180
Total Expenses 3930
Net Income 1670
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