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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Income statement

Dairy Services was organized on August 1, 2016. A summary of the revenue and expense transactions for August follows:

Fees earned $783,000
Wages expense 550,000
Rent expense 35,000
Supplies expense 8,500
Miscellaneous expense 11,400

Prepare an income statement for the month ended August 31.

To determine

Income statement:

The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

To prepare: Income statement of D Service for the month ended August 31, 2016.

Explanation

Prepare income statement for D Service for the month ended August 31, 2016.

D Service
Income Statement
For the Month ended August 31, 2016
Fees earned   $783,000
Expenses    
        Wages expense $550,000  
     �...

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