I have been asked to prepare an income statement, how do I know what to include?Question:The following items are taken from the financial statements of Sunland Company for 2022:Accounts payable $10,200 Accounts receivable 12,800 Accumulated depreciation—equipment 37,000 Advertising expense 21,800 Cash 13,000 Common stock 89,000 Depreciation expense 13,300 Dividends 15,100 Equipment 230,000 Insurance expense 3,100 Notes payable 74,000 Prepaid insurance 6,200 Rent expense 15,000 Retained earnings (beginning) 20,400 Salaries and wages expense 33,300 Salaries and wages payable 3,300 Service revenue 138,000 Supplies 3,100 Supplies expense 5,200

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Description: I have been asked to prepare an income statement, how do I know what to include?Question:The following items are taken from the financial statements of Sunland Company for 2022:Accounts payable $10,200 Accounts receivable 12,800 Accumulated depreciat

Income statement means the statement which shows the profit and loss of the company in an accounting…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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I have been asked to prepare an income statement, how do I know what to include?

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The following items are taken from the financial statements of Sunland Company for 2022:

Accounts payable		$10,200
Accounts receivable		12,800
Accumulated depreciation—equipment		37,000
Advertising expense		21,800
Cash		13,000
Common stock		89,000
Depreciation expense		13,300
Dividends		15,100
Equipment		230,000
Insurance expense		3,100
Notes payable		74,000
Prepaid insurance		6,200
Rent expense		15,000
Retained earnings (beginning)		20,400
Salaries and wages expense		33,300
Salaries and wages payable		3,300
Service revenue		138,000
Supplies		3,100
Supplies expense		5,200

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