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QS 2-15 (Algo) Preparing An Income Statement LO P1

The document provides information to prepare an income statement for Lawson Consulting for the month of December. It shows that the company had revenues of $12,300 from services, expenses of $10,100 from wages of $8,000 and rent of $2,100, and net income of $2,200. Account balances are also provided, including cash of $5,500, accounts receivable of $4,600, and equipment of $6,600.

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1K views1 page

QS 2-15 (Algo) Preparing An Income Statement LO P1

The document provides information to prepare an income statement for Lawson Consulting for the month of December. It shows that the company had revenues of $12,300 from services, expenses of $10,100 from wages of $8,000 and rent of $2,100, and net income of $2,200. Account balances are also provided, including cash of $5,500, accounts receivable of $4,600, and equipment of $6,600.

Uploaded by

Charlie R
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

QS 2-15 (Algo) Preparing an income statement LO P1

Use the above information to prepare a December income statement for the business.

LAWSON CONSULTING
Income Statement
For Month Ended December 31
Revenues
Services Revenue 12,300

Total Revenues 12,300

Expenses
Wages expense 8,000
Rent expense 2,100

Total Expenses 10,100

Net Income 2,200

Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31
The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $13,010 cash in the company
on December 2. On December 31, the ompany’s accounts and amounts for the month of December are shown in the table below:

Cash $5,500 I. Lawson, Withdrawals $1,600


Accounts receivable 4,600 Services revenue 12,300
Equipment 6,600 Rent expense 2,100
Accounts payable 3,090 Wages expense 8,000
I. Lawson, Capital 13,010

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