Below are the account balances for Cowboy Law Firm at the end of December. Balances $ 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Required: Use only the appropriate accounts to prepare an income statement. Answer is complete but not entirely correct. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Service revenue $ $ 5,400 8 9,300 Cash Expenses: Salaries expense 2,200 Utilities expense 1,200 Supplies 13,800 8 Accounts payable 3,400 Total expenses 20,600 Net loss $ 5,900
Below are the account balances for Cowboy Law Firm at the end of December. Balances $ 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Required: Use only the appropriate accounts to prepare an income statement. Answer is complete but not entirely correct. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Service revenue $ $ 5,400 8 9,300 Cash Expenses: Salaries expense 2,200 Utilities expense 1,200 Supplies 13,800 8 Accounts payable 3,400 Total expenses 20,600 Net loss $ 5,900
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.
Balances
$ 5,400
2,200
3,400
3,900
1,200
13,800
9,300
6,000
Accounts
Cash
Salaries expense
Accounts payable
Retained earnings
Utilities expense
Supplies
Service revenue
Common stock
Required:
Use only the appropriate accounts to prepare an income statement.
Answer is complete but not entirely correct.
COWBOY LAW FIRM
Income Statement
For the Period Ended December 31
Service revenue
$
$
5,400 8
9,300
Cash
Expenses:
Salaries expense
2,200
Utilities expense
1,200
Supplies
13,800 8
Accounts payable
3,400
Total expenses
20,600
Net loss
$
5,900
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