Accounting Assignment
Aardvark Company has provided the following account balances as of February 28, 2017. Income and expense amounts are for the month of February 2017.
|
Cash
|
16,000
|
Inventory
|
23,500
|
|
Accounts payable
|
5,200
|
Land
|
22,000
|
|
Accounts receivable
|
14,500
|
Note payable - current portion
|
7,000
|
|
Accumulated depreciation
|
1,200
|
Note payable - long-term
|
15,000
|
|
Additional paid-in capital
|
8,000
|
Office equipment
|
9,000
|
|
Common stock
|
1,000
|
Rent expense
|
17,000
|
|
Depreciation expense
|
800
|
Retained earnings
|
6,850
|
|
Income tax expense
|
500
|
Salary expense
|
9,500
|
|
Income tax payable
|
300
|
Salaries payable
|
3,000
|
|
Insurance expense
|
5,000
|
Service revenue
|
65,000
|
|
Interest expense
|
3,100
|
Travel expense
|
850
|
|
Interest payable
|
8,000
|
Unearned revenue
|
1,200
|
Although all accounts are shown with a positive balance, they have the normal debit or credit balance that accounts in their account type have (e.g. - assets have a debit balance, liabilities have a credit balance).
Using the account balances, prepare an income statement.