The income statement of Pink Arrangements for the year ended December 31, is: $19,100.
Income Statement
Revenue:
Service revenue $84,000
Expense:
Office expense $1,900
Utilities expense $1,500
Rent expense $12,000
Insurance expense $2,500
Salaries expense $47,000
Total expense $64,900
Net income $19,100
($84,000-$64,900)
Therefore the income statement of Pink Arrangements for the year ended December 31, is: $19,100.
The complete question is:
Pink Arrangements has just completed operations for the year ended December 31,. This is the third year of operations for the company. The following data have been assembled for the business.
Insurance Expense $2,500
Service Revenue 84,000
Utilities Expense 1,500
Rent Expense 12,000
Common Stock 5,500
Cash 5,800
Retained Earnings, January 1, 2018 4,700
Salaries Expense 47,000
Accounts Payable 600
Office Supplies 1,900
Dividends 4,500
Accounts Receivable 7,000
Equipment 12,600
Prepare the income statement of Pink Arrangements for the year ended December 31,.
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