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Below are the account balances for Huffman Corporation at the end of December. Accounts Balances Cash $ 4,200 Salaries expense 3,100 Retained earnings 3,700 Advertising expense 700 Equipment 10,700 Service revenue 13,900 Common stock 7,900 Accounts payable 2,250 Use only the appropriate accounts to prepare an income statement.

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hyderali230

Answer:

Huffman Corporation

Income Statement for the year end December 31, xxxx

Service revenue                        $13,900

Less: Expenses

Salaries expense        $3,100

Advertising expense  $700  

Total Expenses                         ($3,800)

Net Income                                $10,100

Explanation:

Following account are the balance sheet accounts, so these are not used in the preparation of income statement.

Retained earnings 3,700

Cash $ 4,200

Equipment 10,700

Common stock 7,900

Accounts payable 2,250

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