Question

1. Income Statement. Prepare an Income Statement in good form using the information listed below. The...

1. Income Statement.

Prepare an Income Statement in good form using the information listed below. The name of the company is Herit Designs, and it is owned and operated by Dapper Herit. The information provided below is for the month ended May 31, 2017.

                                                                                                                                               

                                                Depreciation Expense                                        $5,950

                                                Insurance Expense                                              3,900

                                                Miscellaneous Expense                                       2,200

                                                Rent Expense                                                     34,000

                                                Service Revenue                                              102,500

                                                Supplies Expense                                                4,150

                                                Utilities Expense                                                  6,000

                                                Wages Expense                                                 53,750

Business   Accounting   
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Answer #1

Herit Designs

Income statement

For ht Month ended May 31, 2017.

Service Revenue

$ 102,500.00

Operating Expenses

Depreciation Expense

$      5,950.00

Insurance expense

$      3,900.00

Rent Expense

$    34,000.00

Supplies expense

$      4,150.00

Utilities expense

$      6,000.00

Wages expense

$    53,750.00

Miscellaneous expense

$      2,200.00

Total Operating Expenses

$ 109,950.00

Net Operating income (loss)

$    (7,450.00)
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