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This information relates to Wildhorse Co. for the year 2022. Retained earnings, January 1, 2022 $96,500...

This information relates to Wildhorse Co. for the year 2022.
Retained earnings, January 1, 2022 $96,500
Advertising expense 2,600
Dividends 8,640
Rent expense 15,000
Service revenue 83,520
Utilities expense 3,450
Salaries and wages expense 43,200
Your answer is partially correct. Try again.
Prepare an income statement for the year ending December 31, 2022.
WILDHORSE CO.
Income Statement
choose the accounting period

For the Year Ended December 31, 2022December 31, 2022For the Month Ended December 31, 2022
select an opening name for section one

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
enter an income statement item $enter a dollar amount
select an opening name for section two

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
enter an income statement item $enter a dollar amount
enter an income statement item enter a dollar amount
enter an income statement item enter a dollar amount
enter an income statement item enter a dollar amount
select a closing name for section two

    Dividends    Expenses    Net Income / (Loss)    Retained Earnings, January 1    Retained Earnings, December 31    Revenues    Total Expenses    Total Revenues    

 enter a total of the four previous amounts
select a closing name for this statement

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 $enter a total net income or loss amount

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Prepare a retained earnings statement for the year ending December 31, 2022. (List items that increase retained earnings first.)
WILDHORSE CO.
Retained Earnings Statement
choose the accounting period

For the Month Ended December 31, 2022For the Year Ended December 31, 2022December 31, 2022
select an opening name

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 $enter a dollar amount
select between addition and deduction

AddLess

: select an item

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 enter a dollar amount
enter a subtotal of the two previous amounts
select between addition and deduction

AddLess

: select an item

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 enter a dollar amount
select a closing name

DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

 $enter a total amount

Solutions

Expert Solution

WILDHORSE CO.
Income Statement
For the Year Ended December 31, 2022
Revenues :
        Service Revenue $ 83,520
Expenses :
      Salaries and Wages Expense $ 43,200
      Advertising Expense $ 2,600
      Rent Expense $ 15,000
      Utilities Expense $ 3,450
                    Total Expenses ($ 64,250)
Net Income / (Loss) $ 19,270
WILDHORSE CO.
Retained Earnings Statement
For the Year Ended December 31, 2022
Retained earnings, January 1, 2022 $ 96,500
Add: Net Income / (Loss) $ 19,270
$ 115,770
Less: Dividends ($ 8,640)
Retained Earnings, December 31, 2022 $ 107,130

ekkarill92 answered 2 years ago
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