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17 June, 09:13

This information relates to Sunland Company for the year 2022. Retained earnings, January 1, 2022 $77,700 Advertising expense 2,080 Dividends 6,960 Rent expense 12,000 Service revenue 67,280 Utilities expense 2,900 Salaries and wages expense 34,800 Prepare an income statement for the year ending December 31, 2022

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  1. 17 June, 11:34
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    The preparation of the year-ending December 31, 2022 income statement for Sunland Company is presented below:

    Sunland Company

    Income statement

    Revenue

    Service revenue $67,280

    Total revenues $67,280 (A)

    Less: Expenses

    Advertising expense $2,080

    Rent expense $12,000

    Utilities expense 2,900

    Salaries and wages expense 34,800

    Total expenses $57,780 (B)

    Net income $15,500 (A - B)
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