Prepare the income statement for Total Care Services

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Question - Headlands Russell owns Total Care Services. Prepare an income statement, statement of owner's equity and a balance sheet for Total Care Services for the month ended, May 31, 2017, using the following accounts in the first month of operations:

Cash $2,540

Accounts Receivable $2,600

Supplies $300

Vehicles $2,600

Equipment $2,800

Accounts Payable $950

S. Russell, Investments $6,300

S. Russell, Drawings $700

Service Revenue $4,420

Fuel Expense $80

Telephone Expense $50

Required - Prepare the income statement for Total Care Services.

Reference no: EM132570218

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