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tatuchka [14]
2 years ago
10

The account balances of Wilson Towing Service at June 30, 2016, follow:Equipment $12,950Office supplies 1,000Notes payable 4,500

Rent expense 500Cash 1,400Dividends 5,500Service revenue 12,500Accounts receivable 8,000Accounts payable 10,000Retained earnings June 1, 2016 5,900Salaries expense 2,500Common stock 2,000Required:1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2016.2. What does the income statement report?
Business
1 answer:
andre [41]2 years ago
8 0

Answer:

Wilson Towing Service

Income Statement

For the month ending June 30, 2016

Service revenue        $12,500

Salaries expense      ($2,500)

<u>Rent expense               ($500)</u>

Operating profit         $9,500

The income statement tells us how much profit/loss did a business make during a certain period of time. In this case, the operating profit was $9,500. In order to calculate net income we would need to subtract taxes but we are not given the tax rate or the taxes due.

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Pronghorn Corporation began operations on January 1, 2020 when $236,000 was invested by shareholders of the company. On March 1,
Over [174]

Answer:

a. $7,100

b. -$6,400

c. -$13,500

d. -$13,500

Explanation:

The computation is shown below:-

a. Net income

Net income = Cash interest

= $7,100

b. Comprehensive Income = Net Income - unrealized holding loss

= $7,100 - $13,500

= -$6,400

c. Other Comprehensive Income = unrealized holding loss

= -$13,500

d. Accumulated other comprehensive income:

Ending Balance of other comprehensive income = Beginning Balance + During this year

= $0 + (-$13,500)

= -$13,500

3 0
2 years ago
Easy question.........
madreJ [45]

Answer:

c

Explanation:

7 0
3 years ago
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ANTONII [103]

Answer:

The statement would be:

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The retained earnings are equal to the sum of declared dividends substracted  from the net income.

3 0
3 years ago
In a practical sense, the best size for a team is:A. between two and twenty-five members.B. five or fewer people.C. determined b
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3 0
3 years ago
You are an accounting student at a university and also a talented guitar player. During summer vacation, you are hired full time
Travka [436]

Considering the scenario described above, at the store, I am an employee. This is because I'm hired full-time.

Also, because an office manager is supervising me, that shows I am an employee.

Also, given that I work within normal business hours at the store, that is a characteristic of an employee. Again, payment of wages is associated with employee relations.

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Also, given that I don't work at normal hours and get paid at a lump sum, this is an independent contractor working feature.

Hence, in this case, it is concluded that I worked as an independent contractor at the pub and an employee at the store.

Learn more here: brainly.com/question/20834227

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