Hello, I am trying to build the income statement and statement of stockholders equity from the following information:Prestige Inc.Account balancesAs at January 31, 2020 Cash - Debit 8,000 Accounts receivable - Debit 6,500 Equipment - Debit 78,000 Accumulated Depreciation - Credit 14,000 Notes Payable - Credit 10,000 Common Stock -Credit 43,000 Retained Earnings - Credit 20,600 Dividends - Debit 8,000 Service Fees Earned - Debit 75,000 Rent Expense - Debit 18,000 Salaries Expense - Debit 37,100 Depreciation Expense - Debit 7,000 Revenue Expenses

Financial Statements are prepared by the management for reporting purposes. These are the essential…

Answered: I am trying to build the income…

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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Hello,

I am trying to build the income statement and statement of stockholders equity from the following information:

Prestige Inc.
Account balances
As at January 31, 2020
Cash - Debit	8,000
Accounts receivable - Debit	6,500
Equipment - Debit	78,000
Accumulated Depreciation - Credit	14,000
Notes Payable - Credit	10,000
Common Stock -Credit	43,000
Retained Earnings - Credit	20,600
Dividends - Debit	8,000
Service Fees Earned - Debit	75,000
Rent Expense - Debit	18,000
Salaries Expense - Debit	37,100
Depreciation Expense - Debit	7,000
Revenue
Expenses

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