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Prepare an Income Statement and a Retained Earnings Statement, for the Month

Question 62

Essay

Prepare an income statement and a retained earnings statement, for the month of October, 2014 and a balance sheet at October 31, 2014 for the medical practice of Linda Denny, MD, from the items listed below.  Retained earnings (October 1) $15,000 Common stock 30,000 Accounts payable 6,000 Equipment 29,000 Service revenue 23,000 Dividends 6,000 Insurance expense 3,500 Cash 11,000 Utilities expense 700 Supplies 2,800 Salaries and wages expense 9,000 Accounts receivable 10,000 Rent expense 2,000\begin{array} { l r } \text { Retained earnings (October 1) } & \$ 15,000 \\\text { Common stock } & 30,000 \\\text { Accounts payable } & 6,000 \\\text { Equipment } & 29,000 \\\text { Service revenue } & 23,000 \\\text { Dividends } & 6,000 \\\text { Insurance expense } & 3,500 \\\text { Cash } & 11,000 \\\text { Utilities expense } & 700 \\\text { Supplies } & 2,800 \\\text { Salaries and wages expense } & 9,000 \\\text { Accounts receivable } & 10,000 \\\text { Rent expense } & 2,000\end{array} Prepare an income statement and a retained earnings statement, for the month of October, 2014 and a balance sheet at October 31, 2014 for the medical practice of Linda Denny, MD, from the items listed below. \begin{array} { l r } \text { Retained earnings (October 1) } & \$ 15,000 \\ \text { Common stock } & 30,000 \\ \text { Accounts payable } & 6,000 \\ \text { Equipment } & 29,000 \\ \text { Service revenue } & 23,000 \\ \text { Dividends } & 6,000 \\ \text { Insurance expense } & 3,500 \\ \text { Cash } & 11,000 \\ \text { Utilities expense } & 700 \\ \text { Supplies } & 2,800 \\ \text { Salaries and wages expense } & 9,000 \\ \text { Accounts receivable } & 10,000 \\ \text { Rent expense } & 2,000 \end{array} Prepare an income statement and a retained earnings statement, for the month of October, 2014 and a balance sheet at October 31, 2014 for the medical practice of Linda Denny, MD, from the items listed below. \begin{array} { l r } \text { Retained earnings (October 1) } & \$ 15,000 \\ \text { Common stock } & 30,000 \\ \text { Accounts payable } & 6,000 \\ \text { Equipment } & 29,000 \\ \text { Service revenue } & 23,000 \\ \text { Dividends } & 6,000 \\ \text { Insurance expense } & 3,500 \\ \text { Cash } & 11,000 \\ \text { Utilities expense } & 700 \\ \text { Supplies } & 2,800 \\ \text { Salaries and wages expense } & 9,000 \\ \text { Accounts receivable } & 10,000 \\ \text { Rent expense } & 2,000 \end{array}

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