The adjusted trial balance of Ravine Corporation at December 31, 2014, includes

Question

The adjusted trial balance of Ravine Corporation at December 31, 2014, includes the following accounts: Retained Earnings $16,284; Dividends $4,788; Service Revenue $36,224; Salaries and Wages Expense $14,122; Insurance Expense $1,908; Rent Expense $3,979; Supplies Expense $1,403; and Depreciation Expense $829.

Prepare an income statement for the year.

RAVINE CORPORATION
Income Statement
For the Year Ended December 31, 2014

RAVINE CORPORATION
Income Statement
For the Year Ended December 31, 2014

ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Dividends

$

ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Dividends

$

    Expenses    Revenues    Total Expenses    Total Revenues    Net Income / (Loss)    Retained Earnings, January 1    Retained Earnings, December 31    Dividends    

ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Dividends

$ The adjusted trial balance of Ravine Corporation at December 31, 2014, includes the following accounts: Retained Earnings $16,284; Dividends $4,788; Service Revenue $36,224; Salaries and Wages Expense $14,122; Insurance Expense $1,908; Rent Expense $3,979; Supplies Expense $1,403; and Depreciation Expense $829. Prepare an income statement for the year.

Explanation / Answer

2)Supplies

2)

Depreciation expense

Accumulated depreciation

please igonre the above part

Here is the answer to your question

total revenue                                                                     $36,224

less:expenses

Salaries and wages expense           14,122

Insurance expense                             1,908

Rent expense                                      3,979

Supplies expense                               1,403

Depreciation expense                           829                    (22,241)

Net income                                                                       $13,983

Retained earnings

Opening balance                                       $16,824

Add:Net income                                         13,983

                                                                     30,807

Less:dividend paid                                     (4,788)

Net income                                                 $26,019

$

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