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Accounting
Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Long-term notes receivable Investments in stocks and bonds Buildings Accumulated depreciation - Buildings Land Copyrights Accounts payable Unearned fees Your Company Trial Balance December 31, 2023 Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Rent expense Salaries expense Miscellaneous expenses Depreciation expense Totals Debit $20,300 15,300 28,400 7,100 5,700 32,000 26,000 46,800 37,000 8,000 10,400 8,200 27,300 5,460 4,680 $282,640 Credit $9,400 11,200 2,200 28,000 64,000 96,140 68,200 3,500 $282,640 REQUIRED: 1) Prepare an income statement for the year ended December 31, 2023.

Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Long-term notes receivable Investments in stocks and bonds Buildings Accumulated depreciation - Buildings Land Copyrights Accounts payable Unearned fees Your Company Trial Balance December 31, 2023 Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Rent expense Salaries expense Miscellaneous expenses Depreciation expense Totals Debit $20,300 15,300 28,400 7,100 5,700 32,000 26,000 46,800 37,000 8,000 10,400 8,200 27,300 5,460 4,680 $282,640 Credit $9,400 11,200 2,200 28,000 64,000 96,140 68,200 3,500 $282,640 REQUIRED: 1) Prepare an income statement for the year ended December 31, 2023.

FINANCIAL ACCOUNTING
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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How does one prepare an income statement?

1) Prepare an income statement for the year ended December 31, 2023. Your Company Income Statement For Year Ended December 31, 2023 Revenues: Total revenues Expenses: Total expenses
Transcribed Image Text:1) Prepare an income statement for the year ended December 31, 2023. Your Company Income Statement For Year Ended December 31, 2023 Revenues: Total revenues Expenses: Total expenses
Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Long-term notes receivable Investments in stocks and bonds Buildings Accumulated depreciation - Buildings Land Copyrights Accounts payable Unearned fees Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Your Company Trial Balance December 31, 2023 Rent expense Salaries expense Miscellaneous expenses Depreciation expense Totals Debit $20,300 15,300 28,400 7,100 5,700 32,000 26,000 46,800 37,000 8,000 10,400 8,200 27,300 5,460 4,680 $282,640 Credit $9,400 11,200 2,200 28,000 64,000 96,140 68,200 3,500 $282,640 REQUIRED: 1) Prepare an income statement for the year ended December 31, 2023.
Transcribed Image Text:Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Long-term notes receivable Investments in stocks and bonds Buildings Accumulated depreciation - Buildings Land Copyrights Accounts payable Unearned fees Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Your Company Trial Balance December 31, 2023 Rent expense Salaries expense Miscellaneous expenses Depreciation expense Totals Debit $20,300 15,300 28,400 7,100 5,700 32,000 26,000 46,800 37,000 8,000 10,400 8,200 27,300 5,460 4,680 $282,640 Credit $9,400 11,200 2,200 28,000 64,000 96,140 68,200 3,500 $282,640 REQUIRED: 1) Prepare an income statement for the year ended December 31, 2023.
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