The following information is for Kon Inc. for the year ended December 31, 2015: Common shares, Jan......................................................1
Question:
The following information is for Kon Inc. for the year ended December 31, 2015:
Common shares, Jan......................................................1 $20,000
Common shares issued during year.........................................10,000
Retained earnings, Jan. ....................................................1 58,000
Office expense..................................................................1,600
Dividends........................................................................5,000
Rent expense...................................................................12,400
Service revenue................................................................61,000
Utilities expense.................................................................2,400
Salaries expense...............................................................30,000
Income tax expense............................................................3,000
Instructions
Prepare an income statement and statement of changes in equity for the year.
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine