Reference no: EM133058257

Question - Below is financial data for New York Safety Fire as of 31 December 2021:

Cash at bank $100,000 Truck $65,000

Accrued wages 25,000 Michael Corleone, capital 1 January, 2021 38,000

Accounts receivable 55,000 Depreciation expense-truck 3,000

Insurance expense 30,000 Advertising expense 5,000

Accounts payable 15,000 Wages expense 45,000

Service revenue 180,000 Michael Corleone, drawings 1,500

Insurance payable 25,000 Supplies expense 28,000

Telephone expense 8,000 Loan payable 38,000

Office Furniture 70,000 Accrued interest 1,000

Prepaid Advertising 20,000 Accumulated depreciation-truck 12,000

Unearned Revenue 15,000 Supplies 44,000

Required - Prepare an income statement for New York Safety Fire for the month ended 31 December 2021.