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-   -   Income Statement (https://www.askmehelpdesk.com/showthread.php?t=391975)

  • Aug 30, 2009, 07:02 PM
    jkozitza
    Income Statement
    Here is the information I have
    Cash $77,250
    Accts Rec. $67,800
    Supplies $12,050
    Land $80,000
    Accts Payable $58,450
    Withdrawals $10,000
    Dry Cleaning Revenue $50,000
    Dry Cleaning Expense $14,800
    Wage Expense $8,200
    Rent Expense $4,500
    Supplies Expense $7,050
    Truck Expense $1,875
    Utilities Expense $1,575
    Misc. Expense $850

    I am not sure how to put this information into a income statement and also a balance sheet
    I do not know how to find the fees earned
    Thank you in advance for your help!
  • Aug 30, 2009, 08:09 PM
    morgaine300

    http://www.principlesofaccounting.com/chapter%204.htm#PREPARING%20FINANCIAL%20STATEMENTS

    Scroll down a little until you get to the blue and that's sample statements. If you want to post your answer for checking, someone will be happy to look at it, but please make an attempt at the work first, or ask what you don't understand.

    As for Fees Earned -- common mistake of getting hung up that all revenue is called Fees Earned. I've never seen that account name in real work ever once. Books just like to use it. You have a revenue account -- there's no rule what it has to be called.

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