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24 January, 06:02

The following information relates to La Greca Co. for the year 2019. Retained earnings, January 1, 2019 $48,000 Advertising expense $ 1,800 Dividends during 2019 5,000 Rent expense 10,400 Service revenue 62,500 Utilities expense 3,100 Salaries and wages expense 28,000 After analyzing the data, prepare an income statement for the year ending December 31, 2019.

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  1. 24 January, 06:15
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    Net income $ 19,200

    Explanation:

    We have to analyze the data to see which of the items belong in th the income statement.

    Service Revenue $ 62,500

    Advertising expenses $ 1,800

    Rent expense $ 10,400

    Utilities Expense $ 3,100

    Salaries and Wages $ 28,000

    Total Expenses $ 43,300

    Income for the year $ 19,200

    The other information provide i. e. opening retained earnings as well as the dividends for 2019 are balance sheet items.
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