Question

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 4,700 Salaries expense 1,850 Accounts payable 2,700 Retained earnings 4,150 Utilities expense 1,100 Supplies 13,100 Service revenue 8,600 Common stock 5,300Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Expenses: Total expenses

Answer 1

Answer:

                       COWBOY LAW FIRM

Income Statement For the Period Ended December 31

Revenue

Service revenue                    $8,600

Expenses

Salaries expense   ($1,850)  

Utilities expense    ($1,100)  

Total expense                        ($2,950)

Net Income                             $5,650