Create Income Statement

1. Using the template and the following expanded Ledger accounts, create an Income Statement for Compu-Parts Inc (owner: Andrea Muldoon). Date the Income Statement for the year ended December 31st 20--. Be sure to place the accounts in the correct order and provide a correct format. Hint: Not all accounts will be used. 2. Use formulas to determine the Net Income/Net Loss of the fiscal period and the Total Revenues/Expenses. 3. Explain, with the Net Income/Loss obtained, how this figure would affect the Capital account of the company. Accounts Accounts Payable Accounts Receivable Automobile Bank Balances Accounts $31,255 Equipment $7,540 Fees Earned $41,520 General Expense $31,600 Land $99,000 Loan Payable $65,000 Mortgage Payable $13,600 Postage Expense $42,590 Rental Expense $7,520 Wages Expense Balances $17,800 $74,175 $3,985 $74,560 $21,500 $32,480 $415 $7,640 Beginning Capital Building Car Expense Commissions Earned Drawings $29,820