below are the account balances for schroeder corporation at the end of december. accounts balances cash $…

below are the account balances for schroeder corporation at the end of december. accounts balances cash $ 5,100 salaries expense 1,300 retained earnings 2,400 advertising expense 1,470 equipment 13,600 service revenue 12,000 common stock 9,700 accounts payable 2,470 use only the appropriate accounts to prepare an income statement. schroeder corporation income statement for the year ended december 31 revenues: expenses: total expenses

below are the account balances for schroeder corporation at the end of december. accounts balances cash $ 5,100 salaries expense 1,300 retained earnings 2,400 advertising expense 1,470 equipment 13,600 service revenue 12,000 common stock 9,700 accounts payable 2,470 use only the appropriate accounts to prepare an income statement. schroeder corporation income statement for the year ended december 31 revenues: expenses: total expenses

Answer

Explanation:

Step1: Identify revenue account

Service revenue is a revenue account. Its balance is $12,000.

Step2: Identify expense accounts

Salaries expense ($1,300) and Advertising expense ($1,470) are expense accounts.

Step3: Calculate total expenses

Total expenses = Salaries expense+Advertising expense = $1,300 + $1,470=$2,770

SCHROEDER CORPORATION
Income Statement
For the year ended December 31
Revenues:
Service revenue $12,000
Expenses:
Salaries expense $1,300
Advertising expense $1,470
Total expenses $2,770

Answer:

SCHROEDER CORPORATION
Income Statement
For the year ended December 31
Revenues:
Service revenue $12,000
Expenses:
Salaries expense $1,300
Advertising expense $1,470
Total expenses $2,770