**Preparing an Income Statement****Big Mountain Realty Inc.****Income Statement***For the Month Ending June 30, 20Y9*---**Revenues:**- **Sales Commissions**: $ [Input Field]**Expenses:**- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]**Total Expenses:** $ [Input Field]**Net Income:** $ [Input Field]---### Graphs and DiagramsThe image displays a structured template for completing an income statement. It includes labeled sections for revenues and expenses, with corresponding input fields to fill in the financial data. The layout is designed to ensure clarity and facilitate accurate financial reporting by summarizing the revenues and expenses over a specified period to calculate net income. **Income Statement Overview**After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9:- **Assets and Liabilities:** - Cash: $116,600 - Common stock: $55,000 - Notes payable: $77,000 - Land: $92,400- **Revenues and Expenses:** - Dividends: $22,000 - Interest expense: $4,400 - Miscellaneous expense: $6,600 - Rent expense: $11,000 - Retained earnings: $0 - Salaries expense: $165,000 - Sales commissions: $319,000 (Revenue) - Utilities expense: $33,000**Income Statement Preparation for the Month Ending June 30, 20Y9:****Big Mountain Realty Inc.****Income Statement**_For the Month Ending June 30, 20Y9_- **Revenues:** - Sales commissions: ______- **Expenses:** - ______ - ______ - ______ - ______ - ______

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Description: **Preparing an Income Statement****Big Mountain Realty Inc.****Income Statement***For the Month Ending June 30, 20Y9*---**Revenues:**- **Sales Commissions**: $ [Input Field]**Expenses:**- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]-

Income statement means where the netprofit or loss is determined and calculated for a company.

Business

Accounting

Income Statement After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9. Cash $116,600 Notes payable $77,000 Common stock 55,000 Rent expense 11,000 Dividends 22,000 Retained earnings Interest expense 4,400 Salaries expense 165,000 Land 92,400 Sales commissions 319,000 Miscellaneous expense 6,600 Utilities expense 33,000 Prepare an income statement for the month ending June 30, 20Y9. Big Mountain Realty Inc. Income Statement For the Month Ending lune 3 0 20Y9

Income Statement After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9. Cash $116,600 Notes payable $77,000 Common stock 55,000 Rent expense 11,000 Dividends 22,000 Retained earnings Interest expense 4,400 Salaries expense 165,000 Land 92,400 Sales commissions 319,000 Miscellaneous expense 6,600 Utilities expense 33,000 Prepare an income statement for the month ending June 30, 20Y9. Big Mountain Realty Inc. Income Statement For the Month Ending lune 3 0 20Y9

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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