Mathematics, 24.05.2020 05:00 daltondespain2
Prat Corp. started the 2018 accounting period with $35,000 of assets (all cash), $14,500 of liabilities, and $20,000 of common stock. During the year, the Retained Earnings account increased by $18,550. The bookkeeper reported that Prat paid cash expenses of $33,500 and paid a $3,500 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $9,500 cash to reduce the liability owed to the bank, and the business acquired $8,000 of additional cash from the issue of common stock.
Prepare an income statement for the 2018 accounting period.
Prat Corp.
Income Statement
For the Year Ended December 31, 2018
Revenues I NEED HELP FIGURING OUT REVENUES PLEASE SHOW WORK
Expenses 33,500
Net income $
I NEED HELP FIGURING OUT REVENUES PLEASE SHOW WORK
Answers: 1
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Prat Corp. started the 2018 accounting period with $35,000 of assets (all cash), $14,500 of liabilit...
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