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11 February, 11:50

These items are taken from the financial statements of Carla Vista Co. for 2022. Retained earnings (beginning of year) $33,380 Utilities expense 2,150 Equipment 63,800 Accounts payable 18,340 Cash 14,300 Salaries and wages payable 5,510 Common stock 23,200 Dividends 12,000 Supplies 3,500 Debt investment (long-term) 6,300 Trademarks 2,100 Service revenue 72,760 Prepaid insurance 6,010 Maintenance and repairs expense 1,650 Depreciation expense 3,140 Accounts receivable 15,650 Insurance expense 2,660 Salaries and wages expense 41,730 Accumulated depreciation-equipment 21,800

Prepare an income statement for the year ended December 31, 2022.

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  1. 11 February, 11:59
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    Carla Vista Co.

    Income statement for the year ended December 31, 2022

    $ $

    Service revenue 72,760

    Less Expenses

    Utilities expense 2,150

    Maintenance and repairs expense 1,650

    Depreciation expense 3,140

    Insurance expense 2,660

    Salaries and wages expense 41,730

    51,330

    Profit for the year 21,430

    Explanation:

    Income statement is the summary of all the income of the company and expense as well. Income statement deals with all the revenue and expenses account so, they are included to calculate the profit.

    The following account are Balance sheet account.

    Retained earnings (beginning of year) $33,380

    Equipment 63,800

    Accounts payable 18,340

    Cash 14,300

    Salaries and wages payable 5,510

    Common stock 23,200

    Dividends 12,000

    Supplies 3,500

    Debt investment (long-term) 6,300

    Trademarks 2,100

    Prepaid insurance 6,010

    Accounts receivable 15,650

    Accumulated depreciation-equipment 21,800
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