From the following list of accounts, prepare an income statement, statement of owner's equity, and balance sheet for the year ended or at December 31, 20--, for Milner's Star Express Cleaning Service.Cash$ 2,026Fees Earned13,835Accounts Payable7,530D. Milner, Capital January 1, 20--6,000D. Milner, Drawing1,750Utilities Expense153Prepaid Insurance1,216Rent Expense1,200Accounts Receivable4,080Equipment15,290Wages Expense1,650

Name: From the following list of accounts, prepare an income statement, stat
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Description: From the following list of accounts, prepare an income statement, statement of owner's equity, and balance sheet for the year ended or at December 31, 20--, for Milner's Star Express Cleaning Service.Cash$ 2,026Fees Earned13,835Accounts Payable7,530D

Income Statement Income Fees Earned 13835 Less: Expenses Utilities expenses 153…

Answered: From the following list of accounts,…

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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From the following list of accounts, prepare an income statement, statement of owner's equity, and balance sheet for the year ended or at December 31, 20--, for Milner's Star Express Cleaning Service.

Cash	$ 2,026
Fees Earned	13,835
Accounts Payable	7,530
D. Milner, Capital January 1, 20--	6,000
D. Milner, Drawing	1,750
Utilities Expense	153
Prepaid Insurance	1,216
Rent Expense	1,200
Accounts Receivable	4,080
Equipment	15,290
Wages Expense	1,650

Expert Solution

Step 1

Income Statement

Income
Fees Earned		13835
Less: Expenses
Utilities expenses	153
Rent expenses	1200
Wage expenses	1650
Total Expenses		3003
Net Income		10832

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