Question

The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2:

Answer 1

The Income Statement is $18,500

Construction of Baker income statement

Revenue  

Service Revenue         $65,200  

Total Revenue         $65,200

Expenses  

Other operating expenses        $41,000  

Supplies Expense              $1,100  

Insurance expense           $2,100  

Rent Expense           $2,500  

Total Expenses         $46,700

Net Income          $18,500

($65,200-$46,700)

Inconclusion the Income Statement is $18,500

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