The account balances of Strength in Numbers at June 30, 2025, follow: View the account balances. Requirements 1. Prepare the income statement for Strength in Numbers for the month ending June 30, 2025. 2. What does the income statement report? Requirement 1. Prepare the income statement for Strength in Numbers for the month ending June 30, 2025. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Net Income Requirement 2. What does the income statement report? The income statement reports Account Balances Equipment $ 21,700 Service Revenue $ 14,000 Supplies 1,200 Accounts Receivable 7,000 Notes Payable 7,500 Accounts Payable 3,000 Rent Expense 500 Serna, Capital, June 1, 2025 2,200 Cash 2,100 Salaries Expense 2,200 Serna, Withdrawals 5,500
The account balances of Strength in Numbers at June 30, 2025, follow: View the account balances. Requirements 1. Prepare the income statement for Strength in Numbers for the month ending June 30, 2025. 2. What does the income statement report? Requirement 1. Prepare the income statement for Strength in Numbers for the month ending June 30, 2025. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Net Income Requirement 2. What does the income statement report? The income statement reports Account Balances Equipment $ 21,700 Service Revenue $ 14,000 Supplies 1,200 Accounts Receivable 7,000 Notes Payable 7,500 Accounts Payable 3,000 Rent Expense 500 Serna, Capital, June 1, 2025 2,200 Cash 2,100 Salaries Expense 2,200 Serna, Withdrawals 5,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The account balances of Strength in Numbers at June 30, 2025, follow:
View the account balances.
Requirements
1. Prepare the income statement for Strength in Numbers for the month ending June 30, 2025.
2. What does the income statement report?
Requirement 1. Prepare the income statement for Strength in Numbers for the month ending June 30, 2025. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.)
Net Income
Requirement 2. What does the income statement report?
The income statement reports
Transcribed Image Text:Account Balances
Equipment
$
21,700
Service Revenue
$
14,000
Supplies
1,200
Accounts Receivable
7,000
Notes Payable
7,500
Accounts Payable
3,000
Rent Expense
500
Serna, Capital, June 1, 2025
2,200
Cash
2,100
Salaries Expense
2,200
Serna, Withdrawals
5,500
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