Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.34E
Use the following information to answer Exercises E1-34 through E1-36.
The assets, liabilities, and equities of Drought Design Studio have the following balances at December 31, 2016. The
| Notes Payable | $ 9,800 |
| Rent Expense | 22,000 |
| Cash | 3,100 |
| Office Supplies | 4,500 |
| Salaries Expense | 62,000 |
| Property Tax Expense | 1,200 |
| Office Furniture | $ 55,200 |
| Utilities Expense | 6,500 |
| Accounts Payable | 3,700 |
| Service Revenue | 159,200 |
| 10, 200 | |
| Miscellaneous Expense | 4,000 |
Preparing the income statement
Prepare the income statement for Drought Design Studio for the year ending December 31, 2016.
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Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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