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Discuss income statement for heavenly futures company

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Reference no: EM131754968

Following are the accounts and their amounts for Heavenly Futures Company for the month ended August 31.

Telephone expense $ 1,150
Cash 3,000
Accounts payable 1,540
Dividends 800
Fees earned 15,700
Rent expense 1,400
Supplies 140
Accounts receivable 1,500
Computer equipment 20,000
Stockholders' equity (August 1) 14,320
Wages expense 4,800
Utilities expense 750
Notes payable 2,400
Office expense 420

Required:

Prepare in good format an income statement for Heavenly Futures Company for the month ended August 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the Income statements.

X Labels and Amount Descriptions

Labels
Expenses
For Month Ended August 31
Amount Descriptions
Total expenses
Net income
Net loss

X Income Statement Prepare an income statement for Heavenly Futures Company for the month ended August 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the Income statements.

Reference no: EM131754968

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