Question - Flamingo, Inc. has the following assets, liabilities, revenues, and expenses for the current year.
Equipment
Rent expense
Salary expense
Cash
Land
Service revenue
Note payable
Supplies expense
Interest payable
Building
Insurance expense
Accounts receivable
Common stock
Accounts payable
Utilities expense |
$45,000
$24,000
$68,000
$10,000
$18,000
$125,000
$30,000
$4,000
$500
$100,000
$1,500
$14,500
$21,000
$19,500
$12,000
|
Prepare the Income Statement for ABC, Inc. for the current year.