The assets iabilities and equites of Dunham Design Studio ha

The assets, iabilities, and equites of Dunham Design Studio have the tollowing balances at December 31, 2018. The owner, Ron Ingram, began the year with a $33,300 capital balance, contributed $11,000, and withdrew $52,000 during the year (Click the icon to view the eccount balances.) Propare the income statement tor Dunham Design Studio tor the yr endng December 31, 2018. Data Table s 9400 Office Furniture Noles Payable Rent Expense Cash Oflice Supplies Salaries Expense Property Tax Expense S 45,800 ,100 3,500 155,200 7,100 3,500 19,000 Uities Expense 3,800 Accounts Payable 4.000 Service Revenue 68,000 Accounts Receivable 1,300 Miscellaneous Expense Print Done Net Incone

Solution

DUNHAM DESIGN STUDIO Income Statement Year Ended December 31, 2018 Revenue: Service Revenue 155200 Expenses: Salaries Expense 68000 Rent Expense 19000 Utilities Expense 7100 Miscellaneous Expense 3500 Property Tax Expense 1300 Total Expenses 98900 Net Income 56300