E3-20 Inferring Transactions, Creating Financial Statements, and Calculating Net

Question

E3-20 Inferring Transactions, Creating Financial Statements, and Calculating Net Profit Margir The following Information applies to the questions displayed below.] An analysls of transactions made during July by NepCo, an Internet service provider, during it rst monthof eLlablities+ Common Stock +16,000 Accounts Cash Recelvable Supplies Equipment Payable +915 +4,800 Retained Earnings (a) +16,000 -915 Utilities expense +6,900 +6,900 Service revenue (d) -7100 (e)+1180 +11,900 +1,180 Service revenue 905 -3,600 (g)-3,600 h)-2,780 (D-840 -2,780 Wage expense -840 Rent expense +2.070 -2,070 4,930 4,83090511,900 3,020 16,000 3,545 References Section Break Profit Margin LO 3-3, L0 3-5)

Explanation / Answer

Income Statement Service Revenue (6900+1180) $8,080 Expenses Utilities Expense $915 Wages Expense $2,780 Rent Expense $840 $4,535 Net Income $3,545

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