The adjusted trial balance of Lopez Company at December 31, 2014, includes the following accounts: Common Stock

Question:

The adjusted trial balance of Lopez Company at December 31, 2014, includes the following accounts: $15,600; Dividends $6,000; Service Revenue $38,400; Salaries and Wages Expense $16,000; Insurance Expense $2,000; Rent Expense $4,400; Supplies Expense $1,500; and Depreciation Expense $1,300. Prepare an income statement for the year.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...