Prepare an income statement for the year ending December 31, 2021

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 14CE
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Prepare an income statement for the year ending December 31, 2021

The following information relates to Kay's Beauty Salon for 2021:
$8,448
$22,356
$6,555
$35,000
$99,113
$60,000
Supplies expense
Product sales revenue
Utilities expense
Salaries expense
Service revenue
Rent expense
Transcribed Image Text:The following information relates to Kay's Beauty Salon for 2021: $8,448 $22,356 $6,555 $35,000 $99,113 $60,000 Supplies expense Product sales revenue Utilities expense Salaries expense Service revenue Rent expense
Expert Solution
Step 1 Introduction

Income statement: It is a statement which shows the net income of the company by subtracting total expenses from total revenues.

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