Using the Following Accounts and Their Amounts, Prepare in Good

question 83

Essay

Using the following accounts and their amounts, prepare in good format an Income Statement for Bright Futures Company, month ended August 31, 2011:
$\begin{array}{ll}\text { Telephone Expense } & \$ 1,150 \\\text { Cash } & \$ 3,000 \\\text { Accounts Payable } & \$ 1,540 \\\text { Jason Bright, Drawing } & \$ 800 \\\text { Fees Earned } & \$ 15,700 \\\text { Rent Expense } & \$ 1,400 \\\text { Supplies } & \$ 140 \\\text { Accounts Receivable } & \$ 1,500 \\\text { Computer Equipuent } & \$ 20,000 \\\text { Jason Bright, Capital } & \$ 14,320 \\\text { Wages Expense } & \$ 4,800 \\\text { Utilities Expense } & \$ 750 \\\text { Notes Payable } & \$ 2,400 \\\text { Office Expense } & \$ 420\end{array}$

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Definitions:

Relevant Law

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Fee Dispute

A disagreement between a professional service provider, such as a lawyer or doctor, and a client or patient concerning the amount charged for services rendered.

Court Official

An individual who works within the judicial system, often responsible for the administration of justice, such as judges, clerks, and bailiffs.

Bar Association

An organization of lawyers that serves its members and the public with professional standards and educational programs.