As of December 31 of the current year, Armani Company’s records show the following.

Required

Prepare the income statement for Armani Company for the current year ended December 31.

Transcribed Image Text:

Cash..... $10,000 Retained earnings, Dec. 31, current year. $ 5,000 ....... Accounts receivable. 9,000 Dividends 13,000 Supplies.... 7,000 Consulting revenue 33,000 Equipment.... 4,000 Rental revenue. 22,000 Accounts payable 11,000 Salaries expense. 20,000 Common stock ... 14,000 Rent expense 12,000 Retained earnings, Dec. 31, prior year. 3,000 Selling and administrative expenses. 8,000