The account balances of Wilson Towing Service at June 30, 2016, follow:
Equipment $12,950
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Business, 02.09.2020 02:01 onlymyworld27
The account balances of Wilson Towing Service at June 30, 2016, follow:
Equipment $12,950
Office supplies 1,000
Notes payable 4,500
Rent expense 500
Cash 1,400
Dividends 5,500
Service revenue 12,500
Accounts receivable 8,000
Accounts payable 10,000
Retained earnings
June 1, 2016 5,900
Salaries expense 2,500
Common stock 2,000
Required:
1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2016.
2. What does the income statement report?
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