Partial adjusted trial balance data for Parsons Company is presented in BE3-9.
In BE3-9, The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner’s Capital $15,600, Owner’s Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500 and Depreciation Expense $1,300. Prepare an income statement for the year.
The balance in Owner’s Capital is the balance as of January 1. Prepare an owner’s equity statement for the year assuming net income is $12,200 for the year.