Arrangement of the Statement of Earnings Kim Renovation Inc. renovates historical buildings for commercial use. During 2022, Kim had $770,650 of revenue from renovation services and $7,425 of interest income from miscellaneous investments. Kim incurred $222,900 of wages expense, $127,800 of depreciation expense, $62,475 of insurance expense, $109,300 of utilities expense, $31,000 of miscellaneous expense, and $61,400 of income tax expense. Required: Prepare a single-step statement of earnings for Kim for 2022. Kim Renovation Inc.Statement of EarningsFor the Year Ended December 31, 2022 Revenues: $- Select - - Select - Total revenues $fill in the blank 5 Expenses: $- Select - - Select - - Select - - Select - - Select - - Select - Total expenses fill in the blank 18 Net income $fill in the blank 19
Arrangement of the Statement of Earnings Kim Renovation Inc. renovates historical buildings for commercial use. During 2022, Kim had $770,650 of revenue from renovation services and $7,425 of interest income from miscellaneous investments. Kim incurred $222,900 of wages expense, $127,800 of depreciation expense, $62,475 of insurance expense, $109,300 of utilities expense, $31,000 of miscellaneous expense, and $61,400 of income tax expense. Required: Prepare a single-step statement of earnings for Kim for 2022. Kim Renovation Inc.Statement of EarningsFor the Year Ended December 31, 2022 Revenues: $- Select - - Select - Total revenues $fill in the blank 5 Expenses: $- Select - - Select - - Select - - Select - - Select - - Select - Total expenses fill in the blank 18 Net income $fill in the blank 19
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Arrangement of the Statement of Earnings
Kim Renovation Inc. renovates historical buildings for commercial use. During 2022, Kim had $770,650 of revenue from renovation services and $7,425 of interest income from miscellaneous investments. Kim incurred $222,900 of wages expense, $127,800 of
Required:
Prepare a single-step statement of earnings for Kim for 2022.
Kim Renovation Inc.Statement of EarningsFor the Year Ended December 31, 2022
| Revenues: | ||
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$- Select - | |
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- Select - | |
| Total revenues | $fill in the blank 5 | |
| Expenses: | ||
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$- Select - | |
|
|
- Select - | |
|
|
- Select - | |
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|
- Select - | |
|
|
- Select - | |
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|
- Select - | |
| Total expenses | fill in the blank 18 | |
| Net income | $fill in the blank 19 |
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