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The assets and liabilities of Gator Pest Control Services, Inc. at May 31, 2018, the end...

The assets and liabilities of Gator Pest Control Services, Inc. at May 31, 2018, the end of the current year, and its revenue and expenses for the year are listed below. The stockholders’ equity was $190,000 at June 1, 2017, the beginning of the current year.

Accounts Payable

$1,200

Miscellaneous Expense

$220

Accounts Receivable

$12,340

Office Expense

$560

Cash

$32,990

Supplies

$1,670

Fees Earned

$78,350

Wages Expense

$26,770

Land

$65,000

Dividends

$3,000

Building

$143,670

REQUIRED:   Prepare an income statement for the current year ended May 31, 2018.

Business   Accounting   
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Answer #1
Income statement for the year ended May 31, 2018
Particulars Amount
Fees earned        78,350
Expenses:
Office expense              560
Wages expense        26,770
Miscellaneous expense              220
Total expenses        27,550
Net income        50,800
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