value 242 points Below are the account balances for Cowboy L

value 2.42 points Below are the account balances for Cowboy Law Firm at the end of December Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock S 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Required Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM income Statement Expenses Total expenses Type here to search

Solution

income statement:

Income:

Service Revenue. = $9,300

Less: Expenses:

Salaries. =$2,200

Utilities. =$1,200

Total expenses. =$3,400

Net income(income-expenses) =$5,900

(9,300-3,400)

net income = $5,900