The following are the accounts of Margaret Advertising Agency for December 31, 2017. Professional Fees 1,250,000...

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The following are the accounts of Margaret Advertising Agency for December 31, 2017. Professional Fees 1,250,000 Salaries expense (125,000) Supplies expense Depreciation expense ( 187,500) (150,000) Utilities expense (100,000) Insurance expense (50,000) Rent expense (225,000) 100,000 GAIN on sale of equipment You were employed by the entity as its book keeper in its first year of operations. You are now to prepare the necessary financial statements for the current year. 1. Determine the net income 2. Prepare the statement of Comprehensive Income The following are the accounts of Margaret Advertising Agency for December 31, 2017. Professional Fees 1,250,000 Salaries expense (125,000) Supplies expense Depreciation expense ( 187,500) (150,000) Utilities expense (100,000) Insurance expense (50,000) Rent expense (225,000) 100,000 GAIN on sale of equipment You were employed by the entity as its book keeper in its first year of operations. You are now to prepare the necessary financial statements for the current year. 1. Determine the net income 2. Prepare the statement of Comprehensive Income

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Requirement 1 Net Income Revenues Professional Fees 1250000 Less Operating Expenses Salaries expe... View the full answer