Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $14,030 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 6,500 I. Lawson, Withdrawals 4,800 Services revenue 6,800 Rent expense 3,270 Wages expense 14,030 $ 1,800 12,900 2,300 8,000 Use the above information to prepare a December income statement for the business. LAWSON CONSULTING Income Statement $ 0 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Dengar 

Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31.
The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $14,030 cash in the company on
December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table
below:
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
$ 6,500 I. Lawson, Withdrawals
4,800 Services revenue
6,800 Rent expense
3,270 Wages expense
14,030
$ 1,800
12,900
2,300
8,000
Use the above information to prepare a December income statement for the business.
LAWSON CONSULTING
Income Statement
$
0
0
Transcribed Image Text:Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $14,030 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 6,500 I. Lawson, Withdrawals 4,800 Services revenue 6,800 Rent expense 3,270 Wages expense 14,030 $ 1,800 12,900 2,300 8,000 Use the above information to prepare a December income statement for the business. LAWSON CONSULTING Income Statement $ 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education