On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue...

 

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On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue $83,000 1,900 Rent expense Salaries expense 11,400 32,000 18,500 Postage expense Legal fees expense 2,800 Supplies expense In addition, the balance of common stock at the beginning of the year was $600,000, and the balance of retained earnings was $48,000. During the year, the company issued additional shares of common stock for $33,000 and paid dividends of $26,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Stmt of Income Stockholders Statement Equity Prepare an Income Statement. FIGHTING OKRA COOKING SERVICES Income Statement For the Year Ended December 31, 2021 Expenses: On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue $83,000 1,900 Rent expense Salaries expense 11,400 32,000 18,500 Postage expense Legal fees expense 2,800 Supplies expense In addition, the balance of common stock at the beginning of the year was $600,000, and the balance of retained earnings was $48,000. During the year, the company issued additional shares of common stock for $33,000 and paid dividends of $26,000. Required: 1. Prepare an income statement. 2. Prepare a statement of stockholders' equity. Complete this question by entering your answers in the tabs below. Stmt of Income Stockholders Statement Equity Prepare an Income Statement. FIGHTING OKRA COOKING SERVICES Income Statement For the Year Ended December 31, 2021 Expenses:

Answer rating: 100% (QA)

Statement of shareholders equity is prepared correctly ... View the full answer