From the Information Given,prepare a November Income Statement

question 119

Essay

From the information given,prepare a November income statement.
On November 1 of the current year,Lois Bell began Lois Bell,Interior Design as a corporation with an initial investment of $50,000 cash.On November 30 her records showed the following (alphabetically arranged)selected accounts and amounts:
$\begin{array}{|l|r|l|r|}\hline \text { Accounts payable } & \$ 12,000 & \text { Office furnishings } & \$ 40,000 \\\hline \text { Accounts receivable } & 23,000 & \text { Dividends } & 6,000 \\\hline \text { Cash } & 17,200 & \text { Rent expense } & 3,600 \\\hline \text { Fees earned } & 30,000 & \text { Salaries expense } & 6,200 \\\hline \text { Notes payable } & 4,250 & \text { Telephone expense } & 250 \\\hline\end{array}$

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Definitions:

Pretexting

The act of obtaining personal information under false pretenses, often used in scams or fraudulent activities.

Phone Use

The utilization of a telephone device for communication purposes, including but not limited to voice calling, text messaging, and internet browsing.

Fiduciary Capacity

Refers to a situation where one party, known as a fiduciary, holds a legal or ethical relationship of trust with another party, typically managing assets for them.

Misappropriation

The unauthorized use of another's name, likeness, or other personal attributes for personal or commercial gain.