Question

In: Accounting

One month transactions of ABC Company show the following balances. Prepare Income statement for the period...

One month transactions of ABC Company show the following balances.

Prepare Income statement for the period ending December, 2019.

Sale Inventory A $2,000

Sale Inventory B $3,000

Sale Inventory C $5,000

Rent Expense $10,000

Insurance Expense $6,000

Salary Expense $40,000

Cash $30,200

Accounts receivable $2,200

Office supplies Expenses $1,000

Office equipment $36,000

Other Income $70,000

Fuel Expenses $700

Advertising Expenses $4,000

Accounts Payable $4,000

Capital $20,300

Withdrawal $8,000

Expert Solution

Income statement

Revenues:
Sale Inventory A	2,000
Sale Inventory B	3,000
Sale Inventory C	5,000
Other Income	70,000
Total revenue		80,000
Expenses :
Rent Expense	10,000
Insurance Expense	6,000
Salary Expense	40,000
Office supplies Expenses	1,000
Fuel Expenses	700
Advertising Expenses	4,000
Total expenses		-61,700
Net income		$18,300

ekkarill92 answered 3 years ago

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