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:

Mental Processes

Internal cognitive operations that include thinking, reasoning, problem-solving, and remembering that enable individuals to understand and interact with the world.

1960s

A decade characterized by significant social, political, and cultural changes worldwide.

Behaviorism

A psychological approach that emphasizes the study of observable behaviors and the role of environmental forces in shaping behavior.

Conditioned

The learning process in which a response becomes associated with a previously unrelated stimulus.