From the Information Given Below, Prepare a November Income Statement

question 149

Essay

From the information given below, prepare a November income statement, a November statement of retained earnings, and a November 30 balance sheet. On November 1 of the current year, Victoria Garza began Garza Décor, Inc. with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts. $\begin{array}{c}\begin{array}{lll} \text {Accounts payable....................}&\$12,000\\ \text {Accounts receivable.............}&19,000\\ \text {Cash...............................}&21,200\\ \text {Fees earned.................}&34,000\\ \text {Notes pavable..............}&4,250\\ \end{array}\begin{array}{lr}\text { Office furnishings ........ } & \$ 40,000 \\\text { Dividends ..... } & 6,000 \\\text { Rent expense .......... } & 9,600 \\\text { Salaries expense ....... } & 4,200 \\\text { Telephone expense ..... } &250\end{array}\end{array}$

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