Solution-Prepare an income statement

Prepare an income statement

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Reference no: EM13860910

Problem: Nguyen & Company had the following account balances available:

Required:

a. Using the accounting framework above, record each of the following transactions/events:

March 1	Services previously sold in advance of $300 were performed.
March 1	Purchased equipment for $11,360; management expects it will be useful for 4 years at which time it should be worth $800.
March 1	Performed $4,000 of consulting services for customers; sent bill.
March 1	Borrowed $2,600 on a note payable.
March 12	Paid advertising of $640.
March 18	Purchased supplies of $130 on account.
March 20	Received $600 from customers on account.
March 23	Paid utility bill of $150.
March 30	Paid employee payrollof $1,400.
March 30	Supplies on hand reported at $190.
March 30	Insurance of $150 expired.

b. Use the resulting accounting framework to prepare an income statement, statement of retained earnings and a balance sheet for the company for the month.

Reference no: EM13860910

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Prepare an income statement

Reference no: EM13860910

Reference no: EM13860910

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