PONDAMEN Assignment Gradebook ORION Downloadable eTextbook e

PONDAMEN Assignment Gradebook ORION Downloadable eTextbook ent CALCULATORMESSAGE MY INSTRUCTOR FULL SCREEN Exercise 2-8 (Part Level Submission) These financial statement items are for Skysong, Inc. at year-end, July 31, 2017 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue $ 3,980 58,500 16,600 20,400 4,100 67,100 9,500 3,700 16,000 30,800 Notes payable (due in 2020) Common stock Cash Accounts receivable 11,680 Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) 7,100 4,000 5,100 35,600 (al) Prepare an income statement for the year. Skysono. Inc. did not issue any new stock during the year. Skysong, Inc. Income Statement

Solution

Prepare income statement :

Revenue
Service revenue	67100
Rent revenue	9500	76600
Expenses :
Depreciation expenses	(5100)
Salaries and wages expenses	(58500)
Supplies expenses	(16600)
Total expenses		(80200)
Net income		(3600)