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Question - Tiffany's provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts:
Advertising Expense $31,200
Service revenue $129,300
Buildings 108,000
Interest Expense 3,500
Salaries Expense 67,800
Utilities Expense 14,500
Accounts Payable 6,300
Equipment 25,700
Cash 6,400
Notes payable 30,000
In addition, the company had common stock of $60,000 at the beginning of the year and issued an additional $15,000 during the year. The company also had retained earnings of $20,000 at the beginning of the year and paid dividends of $3,500.
Required - Prepare the income statement Tiffany's for the year ended December 31.
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