Answer to Question #236640 in Accounting for Another you

Question

1. Prepare the required Financial Statements in good term.

A. Using the following account balances, prepare a single-step Statement of Comprehensive Income for Laba Tindi Laundry Services for the month ended, August 31, 2021.

a. Advertising Expense - 3,500

b. Bad Debts Expense - 700

c. Depreciation Expense - 4,000

d. Laundry Supplies Expense - 10,000

e. Prepaid Expense - 5,000

f. Salaries Expense - 15,000

g. Service Income - 150,000

h. Unearned Income - 30,000

i. Utilities Expense - 12,000

j. Tax Expense - 8,500

Answer 1

Solution:

The financial statement is as below: