These financial statement items are for Cullumber Company at year-end, July 31, 2022.

Salaries and wages payable $ 3,900

Salaries and wages expense 59,100

Supplies expense 16,800

Equipment 17,000

Accounts payable 4,100

Service revenue 67,700

Rent revenue 9,700

Notes payable (due in 2025) 3,300

Common stock 16,000

Cash 35,100

Accounts receivable 11,300

Accumulated depreciation—equipment 7,600

Dividends 4,000

Depreciation expense 4,000

Retained earnings (beginning of the year) 35,000

a. Prepare an income statement for the year. Vaughn Manufacturing did not issue any new stock during the year.

First recognize which are expenses and incomes:

Salaries and wages expenses (E)

Supplies Expense (E)

Service revenue (E)

Rent revenue (E)

Depreciation expense (E)

Income statement:

Sales

   Service Revenue            67,700

   Rent revenue                  9,700

Costs

   Sales and wages            (59,100)

Gross Margin                     18,300

Operating expenses

    Supplies                         (16,800)

    Depreciation                  (4,000)

Operating Income              (2,500)

Income before Tax              (2,500)

Income Tax                           (875)

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