Below are the account balances for Cowboy Law Firm at the end of December.CashSalaries expenseAccounts payableRetained earningsAccountsUtilities expenseSuppliesService revenueCommon stockRequired:Use only the appropriate accounts to prepare an income statement.Service revenueAccounts payableExpenses:COWBOY LAW FIRMIncome StatementFor the Period Ended December 31Net incomeX Answer is complete but not entirely correct.Salaries expenseUtilities expenseSuppliesCashTotal expensesXXXBalances$4,1001,5502,1001,5501,20012,500 X4,100 X4,5501,20012,5008,0004,700$$8,0002,100 x19,350$ (13,450)

The income statement includes all the revenue and expenses. The resulting amount after deducting…

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances $4,100 1,550 2,100 4,550 1,200 12,500 8,000 4,700 Required: Use only the appropriate accounts to prepare an income statement.

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances $4,100 1,550 2,100 4,550 1,200 12,500 8,000 4,700 Required: Use only the appropriate accounts to prepare an income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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