Question

Do It! Review 1-3 (Part Level Submission)Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.Accounts payable $ 9,800 Notes payable $ 16,600Accounts receivable 6,800 Rent expense 14,800Advertising expense 4,410 Retained earnings ?Cash 7,900 Service revenue 34,600Common stock 19,800 Supplies 6,700Dividends 7,300 Supplies expense 1,290Equipment 31,600

Prepare an income statement for Marsh Corporation.

Answer 1

Income Statement for the Year ended December 31th,2014

Service revenue 34,600

Rent expense 14,800

Advertising expense 4,410

Supplies expense 1,290

Total expenses 20,500

Net income 14,100

Step-by-step explanation:

For the incoem statemnt we will only work with revenues and expenses account.

we list all the revenues first.

then, we list and add up all the expenses accout

finally, we subtract from revenues to get the net income.