Following Are the Financial Statement Data for Yevin Temporary Services

question 42

Essay

Following are the financial statement data for Yevin Temporary Services at December 31, 2011. Prepare Yevin's income statement.
$\begin{array}{ll}\$ 610 & \text { Accounts Payable } \\600 & \text { Accounts Receivable } \\300 & \text { Cash } \\625 & \text { CommonStock }\\100 & \text { Dividends } \\60 & \text { Insurance Expense } \\1,000 & \text { Office Equipment } \\300 & \text { Retained Earnings, January 1, 201 } \\550 & \text { Salaries Expense } \\35 & \text { Notes Payable } \\1,500 & \text { Service Reverue } \\20 & \text { Inventary } \\40 & \text { Supplies Expense }\end{array}$

---

Definitions:

Treaty

A binding agreement between two nations or international organizations.

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged with the obligation, in order to be enforceable.

Sale of Goods

A transaction between a buyer and a seller in which ownership of physical products is transferred in exchange for money or other compensation.

Writing Requirement

A legal principle that certain types of contracts must be in writing to be enforceable.