Below are the account balances for Cowboy Law Firm at the end of December.
Accounts
Balances
Cash
$ 5,000
Salaries expense
2,000
Accounts payable
3,000
Retained earnings
4,000
Utilities expense
1,100
Supplies
13,400
Service revenue
8,900
Common stock
5,600
Required:
Use only the appropriate accounts to prepare an income statement.
COWBOY LAW FIRM
Income Statement
For the Period Ended December 31
Service revenue
$ 8,900
Expenses:
Supplies
13,400
Utilities expense
1,100
Salaries expense
2,000
Total expenses
16,500
Net income
*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no
points deducted.
33,000
$ (7,600) \times