Tom West is a land surveyor who operates a small surveying company, performing surveys for both residential and commercial clients. He has a staff of surveyors and engineers who are employed by the firm. For the year ending December 31, 2017, he reported the following income and expenses. Service Revenue $840,000 Surveyor Salary 124,000 Supplies and Materials 32,000 Utilities 15,000 Office Rent 23,000 Administrative Expenses 105,000 Using this information, construct an income statement to reflect his net income for 2017. Tom West Income Statement For Year Ending 2017 Service Revenue $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 $fill in the blank 16
Tom West is a land surveyor who operates a small surveying company, performing surveys for both residential and commercial clients. He has a staff of surveyors and engineers who are employed by the firm. For the year ending December 31, 2017, he reported the following income and expenses. Service Revenue $840,000 Surveyor Salary 124,000 Supplies and Materials 32,000 Utilities 15,000 Office Rent 23,000 Administrative Expenses 105,000 Using this information, construct an income statement to reflect his net income for 2017. Tom West Income Statement For Year Ending 2017 Service Revenue $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 $fill in the blank 16
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tom West is a land surveyor who operates a small surveying company, performing surveys for both residential and commercial clients. He has a staff of surveyors and engineers who are employed by the firm. For the year ending December 31, 2017, he reported the following income and expenses.
| Service Revenue | $840,000 |
| Surveyor Salary | 124,000 |
| Supplies and Materials | 32,000 |
| Utilities | 15,000 |
| Office Rent | 23,000 |
| Administrative Expenses | 105,000 |
Using this information, construct an income statement to reflect his net income for 2017.
| Tom West | ||
| Income Statement | ||
| For Year Ending 2017 | ||
| Service Revenue | $fill in the blank 2 | |
| $fill in the blank 4 | ||
| fill in the blank 6 | ||
| fill in the blank 8 | ||
| fill in the blank 10 | ||
| fill in the blank 12 | ||
| fill in the blank 14 | ||
| $fill in the blank 16 |
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