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Prepare an income statement for the year ended december

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Question - On January 1, 2014, Brad Thomas invested $30,000 in Thomas Repairs. During 2014, Brad withdrew $17,000 for personal use. Thomas Repairs reports the following balances on December 31, 2014:

Accounts receivable $ 9,000

Accounts payable 4,200

Service revenue 25,550

Land 4,000

Rent expense 4,500

Note payable 3,800

Supplies 900

Brad Thomas, Capital, Jan. 1, 2014 0

Salary expense 9,650

Cash 18,500

Brad Thomas, Withdrawals 17,000

Prepare an income statement for the year ended December 31, 2014.

Reference no: EM132072935

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