**Instructions for Preparing an Income Statement for DL Enterprises - July 2018**Below are the financial details provided for DL Enterprises for the month of July 2018. Use this information to prepare an income statement.**Financial Information:**- **Sales revenue**: $62,500- **Rental revenue**: $15,400- **Product expense**: $52,000- **Wages expense**: $18,900- **Owner investment**: $12,000- **Equipment purchases**: $56,000- **Utilities expense**: $1,700- **Taxes expense**: $400**DL Enterprises** **Income Statement** **For the Month Ended July 31, 2018**- **Revenue**: - [Dropdown with empty box for amount] - [Dropdown with empty box for amount] - **Total Revenue**: [Empty box for amount]- **Expenses**: - [Dropdown with empty box for amount] - [Dropdown with empty box for amount] - [Dropdown with empty box for amount] - [Dropdown with empty box for amount] - **Total Expenses**: [Empty box for amount]- **Net Income**: [Empty box for amount]For each category, use the dropdown to select the appropriate revenue or expense item and fill in the corresponding amounts. Calculate total revenue by summing sales and rental revenue. Sum all listed expenses to determine total expenses. Finally, calculate net income by subtracting total expenses from total revenue.

Name: **Instructions for Preparing an Income Statement for DL Enterprises -
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Description: **Instructions for Preparing an Income Statement for DL Enterprises - July 2018**Below are the financial details provided for DL Enterprises for the month of July 2018. Use this information to prepare an income statement.**Financial Information:**-

Definition: Income statement: The financial statement which reports revenues and expenses from…

Business

Accounting

Prepare an income statement using the following information for DL Enterprises for the month of July 2018. Sales revenue $62,500 Rental revenue 15,400 Product expense 52,000 Wages expense 18,900 Owner investment 12,000 Equipment purchases 56,000 Utilities expense 1,700 Taxes expense 400

Prepare an income statement using the following information for DL Enterprises for the month of July 2018. Sales revenue $62,500 Rental revenue 15,400 Product expense 52,000 Wages expense 18,900 Owner investment 12,000 Equipment purchases 56,000 Utilities expense 1,700 Taxes expense 400

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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