Using the Following Accounting Equation Elements and Their Balances, Prepare

question 187

Essay

Using the following accounting equation elements and their balances, prepare, in good form, an income statement for Heavenly Futures Company for the month ended August 31.? $$\begin{array} { l r } \text { Telephone expense } & \$ 1,150 \\\text { Cash } & 3,000 \\\text { Accounts payable } & 1,540 \\\text { Jason Heavenly, drawing } & 800 \\\text { Fees earned } & 15,700 \\\text { Rent expense } & 1,400 \\\text { Supplies } & 140 \\\text { Accounts receivable } & 1,500 \\\text { Computer equipment } & 20,000 \\\text { Jason Heavenly, capital (August 1) } & 14,320 \\\text { Wages expense } & 4,800 \\\text { Utilities expense } & 750 \\\text { Notes payable } & 2,400 \\\text { Office expense } & 420\end{array}$$ ?

---

Definitions:

Nihilists

Persons who believe in nihilism, the philosophical viewpoint that denies or lacks belief in any or all of the reputedly meaningful aspects of life.

Predetermined

Established or decided in advance, not occurring by chance.

Aristotle

An ancient Greek philosopher and scientist, a student of Plato and teacher of Alexander the Great, whose writings covered many subjects and laid the groundwork for much of Western philosophy.

Friendships

Relationships between people based on mutual affection, trust, and support, not necessarily involving romantic or familial ties.