The Following Revenue and Expense Account Balances Were Taken from the Income

question 178

Essay

The following revenue and expense account balances were taken from the Income Statement columns of the work sheet for Fraser Services Co. for December 31:
$$\begin{array} { l l } \text { Depreciation Expense } & \$ 4,950 \\\text { Insurance Expense } & 2,900 \\\text { Miscellaneous Expense } & 1,200 \\\text { Rent Expense } & 24,000 \\\text { Service Revenue } & 92,500 \\\text { Supplies Expense } & 3,150 \\\text { Utilities Expense } & 5,000 \\\text { Wages Expense } & 63,750\end{array}$$ Prepare an income statement.

---

Definitions:

Examination for Discovery

A pre-trial process where parties in a lawsuit have the opportunity to question each other or witnesses under oath.

Balance of Probabilities

The standard of proof in most civil cases, requiring that a party's case is more likely true than not.

Statement of Claim

A legal document filed in court that outlines the plaintiff's allegations against the defendant and the legal basis for the lawsuit.

Civil and Criminal Actions

Civil and criminal actions refer to the two main categories of law where civil actions deal with disputes between individuals or entities, and criminal actions involve cases brought by the state against individuals or entities for acts against society.