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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Below are the account balances for Cowboy Law Firm at the end of December.
Cash
Salaries expense
Accounts payable
Retained earnings
Accounts
Utilities expense
Supplies
Service revenue
Common stock
Required:
Use only the appropriate accounts to prepare an income statement.
Service revenue
Accounts payable
Expenses:
COWBOY LAW FIRM
Income Statement
For the Period Ended December 31
Net income
X Answer is complete but not entirely correct.
Salaries expense
Utilities expense
Supplies
Cash
Total expenses
X
X
X
Balances
$4,100
1,550
2,100
1,550
1,200
12,500 X
4,100 X
4,550
1,200
12,500
8,000
4,700
$
$
8,000
2,100 x
19,350
$ (13,450)
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