Following Are the Financial Statement Data for Degen Temporary Services

Essay

Following are the financial statement data for Degen Temporary Services at December 31, 2016.Prepare Degen's income statement. $\begin{array}{lr}\text { Accounts Payable } & \$ 850 \\\text { Accounts Receivable } & 780 \\\text { Cash } & 425 \\\text { Common Stock } & 600 \\\text { Dividends } & 200 \\\text { Insurance Expense } & 75 \\\text { Office Equipment } & 1,500 \\\text { Retained Earnings, January 1, 2016 } & 370 \\\text { Salaries Expense } & 525 \\\text { Notes Payable } & 40 \\\text { Service Revenue } & 1,750 \\\text { Inventory } & 35 \\\text { Supplies Expense } & 50\end{array}$ ? $$\begin{array}{c}\text { Degen Temporary Services } \\\text { Income Statement }\\\text { For the Year Ended December 31, } 2016\\{ \begin{array} { | l | l | l | } \hline \quad\quad\quad\quad\quad\quad\quad& \quad \quad \quad \quad \quad \quad & \quad \quad \quad \quad \quad \quad \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array} }\end{array}$$