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Income Statement

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

Retained earnings, January 1, 2008 $48,000
Dividends during 2008 6,000
Service revenue 62,500
Salaries expense 30,000
Advertising expense $1,800
Rent expense 10,400
Utilities expense 3,100

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

The solution explains how to prepare an income statement and statement of retained earnings.

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Linda Stanley Co.
Income Statement
For the year ended Dec 31, 2008

Service revenue 62,500
Salaries expense 30,000 ...

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