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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject - account
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
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)
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