Accounting
oimmonsnriciaruAardvark Company has provided the following account balances as of February 28, 2017. Income and expense amounts are for the month of February 2017.
Cash | 16,000 |
| Inventory | 23,500 |
Accounts payable | 5,200 |
| Land | 22,000 |
Accounts receivable | 14,500 |
| Note payable - current portion | 7,000 |
Accumulated depreciation | 1,200 |
| Note payable - long-term | 15,000 |
Additional paid-in capital | 8,000 |
| Office equipment | 9,000 |
Common stock | 1,000 |
| Rent expense | 17,000 |
Depreciation expense | 800 |
| Retained earnings | 6,850 |
Income tax expense | 500 |
| Salary expense | 9,500 |
Income tax payable | 300 |
| Salaries payable | 3,000 |
Insurance expense | 5,000 |
| Service revenue | 65,000 |
Interest expense | 3,100 |
| Travel expense | 850 |
Interest payable | 8,000 |
| Unearned revenue | 1,200 |
Although all accounts are shown with a positive balance, they have the normal debit or credit balance that accounts in their account type have (e.g. – assets have a debit balance, liabilities have a credit balance).
Using the account balances, prepare an income statement.
9 years ago
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income_statement.xlsx
