Calculate net income. (LO 1, 4)
Suppose a company had the following accounts and balances at year-end:
|
Service revenue
|
$7,400
|
|
Interest revenue
|
$2,200
|
|
Unearned revenue
|
$3,250
|
|
Operating expenses
|
$1,500
|
|
Prepaid rent
|
$1,030
|
Prepare the income statement for the year.