Below are the accounts for Orange Inc. The company has just completed its second year of operations ended December 31, 2014.  

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Cash- $18,000 Notes Payable Service Fees Revenue 15,000 - 73,200 - Supplies Expense. 7,800 - Insurance Expense 2,900 . Contributed Capital Building Rent Expense Salaries Expense 16,000 - 25,500 e 9,400 - 31,400 - Supplies (on hand). Advertising Expense Retained Earnings, 1/1/14 Salaries Payable. 7,100 - 4,000 - 7,200 - 8,300 - Accounts Receivable 10,000 - Dividends (declared and paid during 2014)- 3,600 - Prepare the (1) Income Statement and the (2) Balance Sheet for Orange Inc. for the year- ended 12/31/14. Use proper headings when making these statements. Cash- $18,000 Notes Payable Service Fees Revenue 15,000 - 73,200 - Supplies Expense. 7,800 - Insurance Expense 2,900 . Contributed Capital Building Rent Expense Salaries Expense 16,000 - 25,500 e 9,400 - 31,400 - Supplies (on hand). Advertising Expense Retained Earnings, 1/1/14 Salaries Payable. 7,100 - 4,000 - 7,200 - 8,300 - Accounts Receivable 10,000 - Dividends (declared and paid during 2014)- 3,600 - Prepare the (1) Income Statement and the (2) Balance Sheet for Orange Inc. for the year- ended 12/31/14. Use proper headings when making these statements.

Answer rating: 100% (QA)

Income statement of Orange Inc Income Amount Service fee Revenue 7320000 Tota... View the full answer