Current Attempt in Progress The adjusted account balances of Cullumber Corporation at December 31, 2027, include the following accounts Retained Earnings $18.232. Dividends $6.360, Service Reverue $33,920, Salaries and Wages Expense $14.640, Insurance Expense $1.908. Rent Expense $4,134, Supplies Expense $1.590, and Depreciation Experise $1.060 Prepare an income statement for the year CULLUMBER CORPORATION Income Statement

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is