Exercise 2-8 (Part Level Submission) These financial statement items are for Win

Question

Exercise 2-8 (Part Level Submission) These financial statement items are for Windsor, Inc. at year-end, July 31, 2017 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) 4,080 59,100 17,300 20,500 4,100 67,700 10,200 3,700 16,000 31,100 11,680 7,400 4,000 5,400 35,900

Explanation / Answer

Windsor , Inc.

Income Statement.

For the year ended July 32 ,2017

Revenues Service Revenue $67,700 Rent Revenue 10,200 Total Revenues $77,900 Expenses Salaries & Wages Expense 59,100 Supplies Expense 17,300 Depreciation Expense 5,400 Total Expenses 81,800 Net Loss ($3,900)

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