Service revenue Postage expense Legal fees expense $ 75,000 1,500 2,400 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000. Required: Income Statement Rent expense Salaries expense Supplies expense Complete this question by entering your answers in the tabs below. Stmt of Stockholders Equity $ 10,600 24,000 14,500

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Service revenue
Postage expense
Legal fees expense
In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was
$32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000.
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
$ 75,000
Rent expense
Salaries expense
2,400 Supplies expense
1,500
Stmt of
Stockholders
Equity
Prepare an Income Statement.
Expenses:
FIGHTING OKRA COOKING SERVICES
Income Statement
For the Year Ended December 31, 2024
< Prev
*******
$ 10,600
24,000
14,500
10 of 20
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RES
Transcribed Image Text:Service revenue Postage expense Legal fees expense In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25,000 and paid dividends of $10,000. 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 $ 75,000 Rent expense Salaries expense 2,400 Supplies expense 1,500 Stmt of Stockholders Equity Prepare an Income Statement. Expenses: FIGHTING OKRA COOKING SERVICES Income Statement For the Year Ended December 31, 2024 < Prev ******* $ 10,600 24,000 14,500 10 of 20 Next > RES
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