Homework Help is Here – Start Your Trial Now!
Business
Accounting
Below are the account balances for Cowboy Law Firm at the end of December. Accounts Cashi Salaries expense. Accounts payable. Retained earnings Utilities expense Supplies Service revenue Common stock Balances $3,500 1,250 1,500 4,850 1,200 11,900 7,400 4,100 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 Cashi Salaries expense. Accounts payable. Retained earnings Utilities expense Supplies Service revenue Common stock Balances $3,500 1,250 1,500 4,850 1,200 11,900 7,400 4,100 Required: Use only the appropriate accounts to prepare an income statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Subject - account 

Please help me. 

Thankyou. 

Below are the account balances for Cowboy Law Firm at the end of December. Balances $3,500 1,250 1,500 4,850 1,200 Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Accounts Required: Use only the appropriate accounts to prepare an income statement. Service revenue Supplies Expenses: X Answer is complete but not entirely correct. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Net income Salaries expense Utilities expense Common stock Cash Total expenses 11,900 7,400 4,100 X X 1,250 1,200 4,100 X 3,500 X 7,400 11,900 10,050 $ (14,550)
Transcribed Image Text:Below are the account balances for Cowboy Law Firm at the end of December. Balances $3,500 1,250 1,500 4,850 1,200 Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Accounts Required: Use only the appropriate accounts to prepare an income statement. Service revenue Supplies Expenses: X Answer is complete but not entirely correct. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Net income Salaries expense Utilities expense Common stock Cash Total expenses 11,900 7,400 4,100 X X 1,250 1,200 4,100 X 3,500 X 7,400 11,900 10,050 $ (14,550)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Presentation of Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS