Michael Company Has Just Completed Operations for the Year Ended

question 201

Essay

Michael Company has just completed operations for the year ended December 31, 2018. This is the second year of operations for the company. The following data have been assembled for the business.
$$\begin{array} { | l | r | r | r | } \hline \text { Accounts Payable } & \$ 12,200 & \text { Office Expense } & \$ 6,500 \\\hline \text { Accounts Receivable } & 14,500 & \text { Rent Expense } & 9,600 \\\hline \text { Cash } & 8,200 & \text { Retained Earnings, Jan. 1, 2018 } & 8,300 \\\hline \text { Common Stock } & 9,000 & \text { Salaries Expense } & 36,000 \\\hline \text { Dividends } & 13,500 & \text { Service Revenue } & 84,000 \\\hline \text { Equipment } & 15,000 & \text { Utilities Expense } & 6,200 \\\hline \text { Insurance Expense } & 4,000 & & \\\hline\end{array}$$ Prepare the income statement. Use a proper heading.

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Definitions:

Intentionally

An action performed with awareness and purposeful direction towards a specific outcome or goal.

Imprisonment

The state of being confined in a prison.

Asepsis

The absence of bacteria, viruses, and other microorganisms to prevent infection.

Cycle Of Infection

A process by which an infectious agent passes from an infected host to a susceptible individual, ultimately leading to the spread of the disease.