Question

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for December 31: Accounts Amount Depreciation Expense $4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Required: Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. For those boxes in which you must enter negative numbers use a minus sign. X Labels and Amount Descriptions Labels For the Year Ended December 31 Operating expenses Amount Descriptions Net income Net loss Total operating expenses X Income Statement Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. For those boxes in which you must enter negative numbers use a minus sign.

Answer 1

Answer:

Explanation:

Income Statement of Fraser Services CO. for the year ended as at December 31

Accounts                        Amount        

Revenue                       92,500

Depreciation                - 4,950

Insurance                     - 2,900

Miscellaneous             - 1,200

Rent                              - 24,000

Supplies expense       - 3,150

Utilities                         - 5,000

Wages                           - 63.750

X Total operating expense  104 950

X Net loss                             - 12 450