Sunday 20 May 2012

Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company's financial information is shown below. Use this information to prepare an August income statement for the business.


Exercise 2-13 Preparing an income statement LO. C3, P3
Dominick Lopez operates a consulting firm called Tech Today. On August 31, the company's financial information is shown below. Use this information to prepare an August income statement for the business. (Input all amounts as positive values. Omit the "$" sign in your response.)
  
  





 Cash
$
8,360  
Dividends
$
3,000  
 Accounts receivable

17,000  
Consulting fees earned

17,000  
 Office supplies

3,250  
Rent expense

4,550  
 Land

46,000  
Salaries expense

8,000  
 Office equipment

18,000  
Telephone expense

560  
 Accounts payable

8,000  
Miscellaneous expenses

280  
 Common Stock

4,000  
Owner investments in company

80,000  


  
TECH TODAY
Income Statement
For Month Ended August 31
  Revenues:



       Consulting fees earned correct

$ 17,000 correct  

  Expenses:



       Rent expense correct
 $  correct  


       Salaries expense correct
  correct  


       Telephone expense correct
  correct  


       Miscellaneous expenses correct
   correct  


  




       Total expenses

13,390 correct  

  




  Net income correct

$ 3,610 correct  


No comments:

Post a Comment