HORNGREN'S FIN.+MGRL..:MANAG.CHP.-MYLAB
7th Edition
ISBN: 9780136503613
Author: MILLER-NOBLES
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.31E
Use the following information to answer Exercises E1-31 through E1-33.
The account balances of Wilford Towing Service at June 30, 2016, follow:
Equipment | $ 17,500 |
Office Supplies | 1,300 |
Notes Payable | 6,900 |
Rent Expense | 800 |
Cash | 1,900 |
Dividends | 2,000 |
Service Revenue | $ 13,000 |
Accounts Receivable | 8,200 |
Accounts Payable | 6,000 |
Retained Earnings, June 1, 2016 | 3,700 |
Salaries Expense | 1,900 |
Common Stock | 4,000 |
Preparing the income statement
Requirements
- 1. Prepare the income statement for Wilford Towing Service for the month ending June 30, 2016.
- 2. What does the income statement report?
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Chapter 1 Solutions
HORNGREN'S FIN.+MGRL..:MANAG.CHP.-MYLAB
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