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Martinez Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month On Nov
Prepare an income statement for November 30. Martinez Equipment Repair
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Answer #1

Solution:

Income Statement for November 30:

Martinez Equipment Repair
For month ended November 30
Revenue
Service Revenue(A) $       5,230
Operating Expenses / Expenses
Salaries/Wages Expense $                 2,000
Supplies Expense $                 2,110
Rent Expense $                    550
Depreciation Expense $                    290
Total Operating Expense (B) $       4,950
Net Income (A-B) $           280

Notes:

1) Service revenue = 3810+910+510=$ 5,230

2) Salaries/Wages Expense = 420(paid)+1070(paid)+510(accrued) = $ 2000

3) Supplies Expense = 1850(Opening) +1410(Purchases) -1150(Closing) = $ 2,110

4) Rent and depreciation expenses are given in the question.

5) Remaining transactions does not considered in income statement

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