Advertising expense 3,600
Interest expense 800
Utilities expense 700 59,100
Net income $16,700
Diff: 2 Type: ES
L.O.: 1-2
CPA COMPETENCIES: Chapter 1
1.1.1 Evaluates financial reporting needs
1.1.2 Evaluates the appropriateness of the basis of financial reporting
1.1.3 Evaluates reporting processes to support reliable financial reporting
90) Snow Inc. gathered together the following information regarding the asset, liability, shareholders' equity, revenue, and expense accounts as of the end of its first year in operations, July 31, 2017:
Rent expense $7,500 Dividends $10,200
Truck 14,600 Accounts payable 6,700
Supplies 2,500 Service revenue 45,500
Salary expense 19,400 Salary payable 1,200
Accounts receivable 8,200 Utilities expense 5,000
Note payable 11,000 Interest expense 1,500
Common shares 25,000 Cash 20,800
Prepare an income statement for Snow Inc. for the year ended July 31, 2017.
Answer: Snow Inc.
Income Statement