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Linda Stanley Co.

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The following information relates to Linda Stanley Co. for the year 2008.
Retained earnings, January 1, 2008 $ 48,000 Advertising expense $ 1,800
Dividends during 2008 6,000 Rent expense 10,400
Service revenue 62,500 Utilities expense 3,100
Salaries expense 30,000
Instructions
After analyzing the data, prepare an income statement and a retained earnings statement for the
year ending December 31, 2008.

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Solution Summary

This solution is comprised of a detailed explanation to prepare an income statement and a retained earnings statement for the year ending December 31, 2008.

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The following information relates to Linda Stanley Co. for the year 2008.

Retained earnings, January 1, 2008 $ 48,000
Advertising expense $ 1,800
Dividends during 2008 6,000
Rent expense 10,400
Service revenue 62,500
Utilities ...

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