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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How does one prepare an income statement?

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

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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