Prepare the income statement for the month

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Reference no: EM132984742

Question 1: The accounts of Cotton Company follow with their normal balances at Dec 31, 2019. The accounts are listed in no particular order.

Accounts	Balance	Accounts	Balance
Advertising Expense	1,100	Insurance Expense	8,000
Accounts Receivable	14,000	Salaries Payable	4,000
Share capital	29,000	Supplies	7,000
Accounts Payable	7,000	Utilities Payable	1,100
Long term debt	9,000	Cash	25,000
Equipment	28,000	Entertainment Expense	6,000
Utilities Expense	11,100	Salaries Expense	9,000
Dividends	4,000	Retained Earninos e,	13,000
Service Revenue	55,100	Notes Receivables	5,000

Required:

1. Prepare the income statement for the month ended Dec 31, 2019.

2. Prepare the company's statement of changes in equity for the month ended Dec 31, 2019.

3. Prepare the balance sheet of Cotton Company at Dec 31, 2019.

Reference no: EM132984742

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