Question

The adjusted trial balance of Ravine Corporation at December 31, 2014, includes the following accounts: Retained Earnings $17,520; Dividends $4,406; Service Revenue $38,288; Salaries and Wages Expense $13,139; Insurance Expense $1,763; Rent Expense $3,881; Supplies Expense $1,582; and Depreciation Expense $823.

Prepare an income statement for the year.

Answer 1

Ravine Corporation

Income Statement for the period ending 31 Dec 2014

Revenues:

Service revenue $38,288

Expenses:

Salaries & Wages expenses $13,139

Insurance Expense $1,763

Rent Expenses $3,881

Supplies Expense $1,582

Depreciation Expenses $823

Total Expenses $21,188

Net Income $17,100