The Following Information Relates to Molly Mae Co Instructions
After Analyzing the Data Prepare an Income Statement and Year

question 195

Essay

The following information relates to Molly Mae Co. for the year 2016. $\begin{array}{lrlr}\text { Owner's Capital, January 1,2016 } & \$ 64,000 & \text { Advertising expense } &\$6,500\\\text { Drawings during } 2016 & 5,700 & \text { Rent expense } & 8,500 \\\text { Service revenue } & 58,500 & \text { Utilities expense } & 1,500 \\\text { Salaries and wages expense } & 29,000 & &\end{array}$ Instructions
After analyzing the data prepare an income statement and an owner's equity statement for the year ending December 31 2016

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Definitions:

Melting Temperature

The specific temperature at which a solid substance turns into a liquid at atmospheric pressure.

Subducted Plate

A tectonic plate that is being forced underneath another plate into the Earth's mantle at a convergent boundary.

Ophiolite

A portion of the Earth's oceanic crust along with the upper mantle beneath it that has been elevated and is now visible above the surface of the sea.

Oceanic Crust

The part of the Earth's crust that underlies the ocean basins, generally thinner and more dense than continental crust, formed at mid-ocean ridges and recycled into the mantle at subduction zones.