Question

Kimmel, Accounting, 6e Help I Syst Problem 2-2A These items are taken from the financial statements of Whispering Winds Corp. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and t Depreciation expense $35,530 2,150 70,530 20,750 11,750 6,280 12,000 12,000 71,540 6,780 1,650 3,320 14,150 2,480 40,540 19,250 dy Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation-equipment Prepare an income statement for the year ended December 31, 2017 Whispering Winds Corp. Income Statement ber 2017 Retained Earnings Expenses search

Answer 1

Answer:

Net Income = $23,550

Explanation:

Whispering Winds Corp.

Income Statement

For the year ended, December 31, 2017

Revenues:

Service Revenue $71,540

Expenses:

Maintenance and Repair expense $1,650

Depreciation Expense $3,320

Insurance expense $2,480

Salaries and wages expense $40,540

Total expenses $47,990

Net Income (Loss) $23,550

Therefore, net income is $23,550