Accounts payable Accounts receivable Accumulated depreciation-equipment The Waterway Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31, 2024: Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense Income tax payable Insurance expense Prepaid insurance Rent expense : a. Prepare a statement of income of the year Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense $14,200 29,200 7,800 19,200 11,800 5,600 3,200 26,450 100,300 6,000 5,750 4,700 3,700 7,200 22,200 48,800 4,200 3,400 5,200 3 3,600 During the year ended March 31, 2024, common shares were issued for $6,200.
Accounts payable Accounts receivable Accumulated depreciation-equipment The Waterway Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31, 2024: Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense Income tax payable Insurance expense Prepaid insurance Rent expense : a. Prepare a statement of income of the year Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense $14,200 29,200 7,800 19,200 11,800 5,600 3,200 26,450 100,300 6,000 5,750 4,700 3,700 7,200 22,200 48,800 4,200 3,400 5,200 3 3,600 During the year ended March 31, 2024, common shares were issued for $6,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me to prepare a income statement
Transcribed Image Text:Accounts payable
Accounts receivable
Accumulated depreciation-equipment
The Waterway Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of
its fiscal year, March 31, 2024:
Cash
Common shares
Depreciation expense
Dividends declared
Equipment
Fees earned
Income tax expense
Income tax payable
Insurance expense
Prepaid insurance
Rent expense
: a. Prepare a statement of income of the year
Retained earnings
Salaries expense
Salaries payable
Supplies
Supplies expense
Utilities expense
$14,200
29,200
7,800
19,200
11,800
5,600
3,200
26,450
100,300
6,000
5,750
4,700
3,700
7,200
22,200
48,800
4,200
3,400
5,200
3
3,600
During the year ended March 31, 2024, common shares were issued for $6,200.
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