Question

*40. From the below information from the books of Perfect Services Company, prepare the income statement for period ended 9/30/2019. The common stock of the company is $55,000. Cleaning expenses ERP $3,500 Accounts payable $15,300 Accounts receivable 21,600 Office equipment 41,850 Cash 13,400 Dividends paid 7,000 Fees earned Reu 45,000 Salaries expense EXP 9,700 Notes payable Liably 14,000 Rent expense EXP 4,500 Telephone expenses Exp 2,500 Depreciation office equip) EXP 175 Rev- EXP

Answer 1

Here's the income statement:

Income statement of Perfect Services Company
for the period ended September 30, 2019
Description	Amount	Amount
Income
Fees Earned	$        45,000
Total Income		$        45,000
Less: Expenses
Cleaning Expenses	$          3,500
Telephone Expense	$          2,500
Salaries Expense	$          9,700
Rent Expense	$          4,500
Depreciation	$              175
Total Expenses		$        20,375
Net Income (Income less Expense)		$        24,625