**Section 4: Preparing an Income Statement**This section provides a template for preparing an income statement for the period ending January 31, Year 1.**Income Statement Template**- **Header**: - Title: "Income Statement" - Subtitle: "For the month ended January 31, Year 1"- **Revenues**: - Several blank lines are provided to input various sources of revenue.- **Expenses**: - Several blank lines are provided to input various expenses incurred.- **Income Before Taxes**: - Indicated at the bottom of the statement with a placeholder "0".- **Net Income**: - The Net Income is displayed at the bottom right with a placeholder "$0".This structured layout allows users to fill in the revenue and expense figures to determine the income before taxes and ultimately the net income for the specified period. Adjust the figures as necessary to reflect accurate financial data. On January 1, Year 1, the general ledger of a company includes the following account balances:| Accounts | Debit | Credit ||------------------------------|-----------|----------|| Cash | $43,800 | || Accounts Receivable | 46,700 | || Supplies | 8,600 | || Equipment | 75,000 | || Accumulated Depreciation | | $10,100 || Accounts Payable | | 15,700 || Common Stock, $1 par value | | 11,000 || Additional Paid-in Capital | | 91,000 || Retained Earnings | | 46,300 || **Totals** | **$174,100** | **$174,100** |During January Year 1, the following transactions occur:- **January 2:** Issue an additional 2,000 shares of $1 par value common stock for $40,000.- **January 9:** Provide services to customers on account, $16,700.- **January 10:** Purchase additional supplies on account, $6,000.- **January 12:** Purchase 1,300 shares of treasury stock for $19 per share.- **January 15:** Pay cash on accounts payable, $17,500.- **January 17:** Provide services to customers for cash, $50,200.- **January 22:** Receive cash on accounts receivable, $17,700.- **January 29:** Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (*Hint:* The company had 11,000 shares outstanding on January 1, Year 1, and dividends are not paid on treasury stock.)- **January 30:** Resell 800 shares of treasury stock for $21 per share.- **January 31:** Pay cash for salaries during January, $43,100.

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Description: **Section 4: Preparing an Income Statement**This section provides a template for preparing an income statement for the period ending January 31, Year 1.**Income Statement Template**- **Header**: - Title: "Income Statement" - Subtitle: "For the m

Income statement (IS) is one the vital financial statement of the business along with balance sheet…

Answered: Income Statement For the month ended…

Business

Accounting

Income Statement For the month ended January 31, Year 1 Revenues: Expenses: Income Before Taxes %24

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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