On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses. $ 11,100 29,000 17,000 $ se,e00 1,750 Salaries expense 2,650 Rent expense Service revenue Postage expense Legal fees expense Supplies expense In addition, the balance of common stock at the beginning of the year was $450,000, and the balance of retained earnings was $42.000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20.000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Equity Prepare an Income Statement. RACHEL COOKING SERVICES Income Statement For the Year Ended December 31, 2024 Service Revenue 80,000 80,000 Expenses Postage Expense Legal Foes Expense Rent Expense Salanies Expense 1,750 2.650 11,100 29.000 Supples Expense 17.000 Total Expenses SutIncome 61,500 S 01.500) St of Stockholders Equity>

On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses. $ 11,100 29,000 17,000 $ se,e00 1,750 Salaries expense 2,650 Rent expense Service revenue Postage expense Legal fees expense Supplies expense In addition, the balance of common stock at the beginning of the year was $450,000, and the balance of retained earnings was $42.000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20.000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Equity Prepare an Income Statement. RACHEL COOKING SERVICES Income Statement For the Year Ended December 31, 2024 Service Revenue 80,000 80,000 Expenses Postage Expense Legal Foes Expense Rent Expense Salanies Expense 1,750 2.650 11,100 29.000 Supples Expense 17.000 Total Expenses SutIncome 61,500 S 01.500) St of Stockholders Equity>

Name: On December 31, 2024, Rachel Cooking Services reports the following r
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Description: On December 31, 2024, Rachel Cooking Services reports the following revenues and expenses.$ 11,10029, e0017,000Service revenuePostage expenseLegal fees expense$ 8e,e00 Rent expense1,750 Salaries expense2,65e Supplies expensein addition, the balance

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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