QS 2-15 (Algo) Preparing an income statement LO P1

Use the above information to prepare a December income statement for the business.

LAWSON CONSULTING
Income Statement
For Month Ended December 31
Revenues
Services Revenue 12,300

Total Revenues 12,300

Expenses
Wages expense 8,000
Rent expense 2,100

Total Expenses 10,100

Net Income 2,200

Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31
The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $13,010 cash in the company
on December 2. On December 31, the ompany’s accounts and amounts for the month of December are shown in the table below:

Cash $5,500 I. Lawson, Withdrawals $1,600

Accounts receivable 4,600 Services revenue 12,300
Equipment 6,600 Rent expense 2,100
Accounts payable 3,090 Wages expense 8,000
I. Lawson, Capital 13,010