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CHECK FOR UNDERSTANDING Prenare an Income Statement and a Statement of Comprehensive Incom following information: Accounts Receivable P 235,000 Professional Income 750,000 Utilities Expense 35,000 Fixed Assets 450,000 Prepaid Expense 45,000 Salaries Expense 150,000 Unrealized loss on equity investment 25,000 Rent Expense 15,000 Accrued Expense 2,500 Taxes and Licenses 3,850 Interest Expense 1,500 Unrealized gain in Debt securities 5,000

CHECK FOR UNDERSTANDING Prenare an Income Statement and a Statement of Comprehensive Incom following information: Accounts Receivable P 235,000 Professional Income 750,000 Utilities Expense 35,000 Fixed Assets 450,000 Prepaid Expense 45,000 Salaries Expense 150,000 Unrealized loss on equity investment 25,000 Rent Expense 15,000 Accrued Expense 2,500 Taxes and Licenses 3,850 Interest Expense 1,500 Unrealized gain in Debt securities 5,000

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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CHECK FOR UNDERSTANDING Prepare an Income Statement and a Statement of Comprehensive Income for the following information: Accounts Receivable P 235,000 Professional Income 750,000 Utilities Expense 35,000 Fixed Assets 450,000 45,000 Prepaid Expense Salaries Expense 150,000 Unrealized loss on equity investment 25,000 Rent Expense 15,000 Accrued Expense 2,500 Taxes and Licenses 3,850 Interest Expense 1,500 Unrealized gain in Debt securities 5,000
Transcribed Image Text:CHECK FOR UNDERSTANDING Prepare an Income Statement and a Statement of Comprehensive Income for the following information: Accounts Receivable P 235,000 Professional Income 750,000 Utilities Expense 35,000 Fixed Assets 450,000 45,000 Prepaid Expense Salaries Expense 150,000 Unrealized loss on equity investment 25,000 Rent Expense 15,000 Accrued Expense 2,500 Taxes and Licenses 3,850 Interest Expense 1,500 Unrealized gain in Debt securities 5,000
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