Powers Wrecking Service demolishes old buildings and other structures and
Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2011, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
Required:
Prepare a single-step income statement for Powers for 2011.
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