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Problem - 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
Supplies expense
28,000
Telephone expense
8,000
Loan payable
Office Furniture
70,000
Accrued interest
1,000
Prepaid Advertising
20,000
Accumulated depreciation-truck
12,000
Unearned Revenue
Supplies
44,000
Required - Prepare an income statement for New York Safety Fire for the month ended 31 December 2021.
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