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Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following accounts and amounts for the month of June.


Cash $ 6,500 Service revenue $ 12,900
Accounts receivable 4,800 Equipment 6,800
Accounts payable 3,800 Rent expense 2,300
L. Zhang, Withdrawals 1,800 Wages expense 8,000

Need an income statement for june

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anthougo

Answer:

Lawson Consulting

LAWSON CONSULTING

Income Statement for the month ended June 30

Service revenue          $ 12,900

Rent expense      2,300

Wages expense  8,000 10,300

Net income                   $2,600

Explanation:

a) Data and Calculations:

Cash $ 6,500  

Accounts receivable 4,800

Equipment 6,800

Accounts payable 3,800

L. Zhang, Withdrawals 1,800

Service revenue $ 12,900

Rent expense 2,300

Wages expense 8,000

b) The income statement for the month of June summarizes Lawson's revenue and expenses, giving rise to a net income of $2,600.  On the statement, the financial profitability of the business is determined.  Only temporary accounts from the list of account balances are used to prepare the statement.

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