Following are the accounts and their amounts for Heavenly Futures Company for the month ended August 31.
| Telephone expense |
$ 1,150 |
| Cash |
3,000 |
| Accounts payable |
1,540 |
| Dividends |
800 |
| Fees earned |
15,700 |
| Rent expense |
1,400 |
| Supplies |
140 |
| Accounts receivable |
1,500 |
| Computer equipment |
20,000 |
| Stockholders' equity (August 1) |
14,320 |
| Wages expense |
4,800 |
| Utilities expense |
750 |
| Notes payable |
2,400 |
| Office expense |
420 |
Required:
Prepare in good format an income statement for Heavenly Futures Company for the month ended August 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the Income statements.
X Labels and Amount Descriptions
| Labels |
| Expenses |
| For Month Ended August 31 |
| Amount Descriptions |
| Total expenses |
| Net income |
| Net loss |
X Income Statement Prepare an income statement for Heavenly Futures Company for the month ended August 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the Income statements.