CALCULATOR MESSAGE MY INSTRUCTOR FULL SC Exercise 28 Part Le

CALCULATOR MESSAGE MY INSTRUCTOR FULL SC Exercise 2-8 (Part Level Submission) These financial statement items are for Skysong, Inc. at year-end, July 31, 2017. Salaries and wages payable 3,980 58,500 16,600 20,400 4,100 67,100 9,500 3,700 16,000 30,800 11,680 7,100 4,000 5,100 35,600 Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) (a1) [2] Your answer is correct Prepare an income statement for the year. Skysong, Inc. did not issue any new stock during Skysong, Inc. Income Statement sy Policy Viley & Sons Ins. All Righte Rese

Solution

a1) Skysong Inc.

Income Statement (Amount in $)

a2) Skysong, Inc.

Retained Earnings Statement

For the year ended July 31, 2017 (Amount in $)

Revenues
Service revenue	67,100
Rent revenue	9,500
Total revenue (A)	76,600
Expenses
Salaries and wages expense	58,500
Supplies expense	16,600
Depreciation expense	5,100
Total Expenses (B)	80,200
Net Income/(Loss) (A-B)	(3,600)