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Varvara68 [4.7K]
3 years ago
5

On December 31, Hawkin's records show the following accounts. Equipment $ 3,000 Cash 2,400 Rent Expense 1,500 Accounts Receivabl

e 600 Services Revenue 16,000 Accounts Payable 6,000 Wages Expense 8,000 Utilities Expense 700 Use the above information to prepare a December income statement for Hawkin.
Business
1 answer:
tino4ka555 [31]3 years ago
8 0

Answer:

$5,800

Explanation:

Calculation to prepare a December income statement for Hawkin.

INCOME STATEMENT

Revenues:

Services revenue $16,000

Expenses:

Rent expense $1500

Wages expense $8000

Utilities expense $700

Total expenses $10200

Net income $5800

($16,000-$10,200)

Therefore December income statement for Hawkin is $5,800

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Answer:

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Contract Size = 50

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Target Beta 2, Planning to increase the exposure

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2 years ago
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Answer and Explanation:

The journal entries are shown below:

1. Equipment Dr $21,300

          To cash $21,300

(Being the equipment is purchased for cash)

For recording this we debited the equipment as it increased the assets and credited the cash as it reduced the assets

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(Being the cash received is recorded)

For recording this we debited the cash as it increased the assets and credited the service revenue as it increased the revenue

3. Rent expense $900

       To Cash $900

(Being the rent is paid)

For recording this we debited the rent expense as it increased the expenses and credited the cash as it reduced the assets

4. Office supplies Dr

        To Account payable

(Being the office supplies purchased on account)

For recording this we debited the office supplies as it increased the assets and credited the account payable as it increased the liabilities

5. Salaries expense

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(Being the salaries paid is recorded)

For recording this we debited the salaries expense as it increased the expenses and credited the cash as it reduced the assets

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