The account balances of Wayans Towing Service at June 30, 2018, follow: (Click the icon to view the account balances.) Requirements 1. Prepare the income statement for Wayans Towing Service for the month ending June 30, 2018. 2. What does the income statement report? Requirement 1. Prepare the income statement for Wayans Wayans Towing Service Revenues: Service Revenue Expenses. Rent Expense Salaries Expense Net Income Data table Equipment .$ 20,050 Service Revenue $ 12,000 Income Statement Office Supplies 600 Accounts Receivable 7,000 Notes Payable 8,500 Accounts Payable 6,000 Month Ended June 30, 2018 Rent Expense 550 Retained Earnings, June 1, 2018 3,900 Cash 2,100 Salaries Expense 2,100 Dividends 4,000 Common Stock 6,000 Total Expenses Print Done Clear all
The account balances of Wayans Towing Service at June 30, 2018, follow: (Click the icon to view the account balances.) Requirements 1. Prepare the income statement for Wayans Towing Service for the month ending June 30, 2018. 2. What does the income statement report? Requirement 1. Prepare the income statement for Wayans Wayans Towing Service Revenues: Service Revenue Expenses. Rent Expense Salaries Expense Net Income Data table Equipment .$ 20,050 Service Revenue $ 12,000 Income Statement Office Supplies 600 Accounts Receivable 7,000 Notes Payable 8,500 Accounts Payable 6,000 Month Ended June 30, 2018 Rent Expense 550 Retained Earnings, June 1, 2018 3,900 Cash 2,100 Salaries Expense 2,100 Dividends 4,000 Common Stock 6,000 Total Expenses Print Done Clear all
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The account balances of Wayans Towing Service at June 30, 2018, follow:
(Click the icon to view the account balances.)
Requirements
1. Prepare the income statement for Wayans Towing Service for the month ending June 30, 2018.
2. What does the income statement report?
Requirement 1. Prepare the income statement for Wayans
Wayans Towing Service
Revenues:
Service Revenue
Expenses.
Rent Expense
Salaries Expense
Net Income
Data table
Equipment
.$
20,050
Service Revenue
$
12,000
Income Statement
Office Supplies
600
Accounts Receivable
7,000
Notes Payable
8,500
Accounts Payable
6,000
Month Ended June 30, 2018
Rent Expense
550
Retained Earnings, June 1, 2018
3,900
Cash
2,100
Salaries Expense
2,100
Dividends
4,000
Common Stock
6,000
Total Expenses
Print
Done
Clear all
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