The adjusted trial balance of Ravine Corporation at December 31, 2014, includes the following accounts: Retained Earnings

Question:

The adjusted trial balance of Ravine Corporation at December 31, 2014, includes the following accounts: Retained Earnings $17,200; Dividends $6,000; Service Revenue $32,000; Salaries and Wages Expense $14,000; Insurance Expense $1,800; Rent Expense

$3,900; Supplies Expense $1,500; and Depreciation Expense $1,000. Prepare an income statement for the year.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...