Income Statement **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- **Common stock**: $55,000- **Dividends**: $22,000- **Interest expense**: $4,400- **Land**: $92,400- **Miscellaneous expense**: $6,600- **Notes payable**: $77,000- **Rent expense**: $11,000- **Retained earnings**: $0- **Salaries expense**: $165,000- **Sales commissions**: $319,000- **Utilities expense**: $33,000Prepare an income statement for the month ending June 30, 20Y9.---**Big Mountain Realty Inc.****Income Statement**_For the Month Ending June 30, 20Y9_- **Revenues**: - [Input Field for Revenue Amount]- **Expenses**: - [Input Field for Each Expense – can include the following:] - Salaries expense - Sales commissions - Utilities expense - Interest expense - Rent expense - Miscellaneous expense- **Total expenses**: - [Input Field for Total Expense Amount]The text provides a breakdown of financial figures needed to prepare an income statement for the specified period. Here is a transcription of the image, designed for an educational website:---**Prepare an income statement for the month ending June 30, 20Y9.****Big Mountain Realty Inc.****Income Statement***For the Month Ending June 30, 20Y9*- **Revenues:** - [$_________]- **Expenses:** - [$_________] - [$_________] - [$_________] - [$_________] - [$_________]- **Total expenses:** - [$_________]- **Net income:** - [$_________]---**Diagram Explanation:**The income statement template includes labeled placeholders for fiscal data. It starts with a space to input total revenues, followed by multiple lines for listing individual expenses. After summing expenses, there is a line for the total expenses. Finally, the statement concludes with a calculation for net income. Each entry has a space to input monetary amounts, represented by empty boxes. This structured format helps students understand how financial data is organized and calculated in a typical income statement.

It shows the financial performance of any organization by deducting all the expenses from the income…

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 June 30, 20Y9 Revenues: Expenses: Tabal aunonco

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 June 30, 20Y9 Revenues: Expenses: Tabal aunonco

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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