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Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $4,000Salaries expense 1,500Accounts payable 2,000Retained earnings 4,400Utilities expense 1,000Supplies 12,400Service revenue 7,900Common stock 4,600 Use only the appropriate accounts to prepare an income statement.

Respuesta :

Answer:

Explanation:

The preparation of the income statement is presented below:

                                   Cowboy Law Firm

                                   Income statement

                               At the end of December

Particulars                         Amount

Service revenue                $7,900

Less: expenses

Salaries expense              -$1,500

Utilities expense               -$1,000

Net income                        $5,400

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