6-The following information relates to Jake Peavy Co. for the year 2012.(10 mark

Question

6-The following information relates to Jake Peavy Co. for the year 2012.(10 marks) Owner's capital, January 1, 2012$48,000 Owner's drawings during 2012 Service revenue Salaries and wages expense 6,000 63,600 29,500 Advertising expense $ Rent expense Utilities expense 1,800 10,400 3,100 Instructions: (a) After analyzing the data, prepare an income statement for the year ending December 31, 2012. Marking scheme for preparing Income statement 0 Unsatisfactory-Shows little to no understanding of the principles in journalizing transactions 1-4 Partially Proficient-Shows basic understanding of the principles in journalizing transactions. S-6 Proficient-Shows good understanding of the principles in journalizing transactions.

Explanation / Answer

Jake Peavy Co.

Income Statement

for the year ended 2012

Service Revenue

$63,600

Expenses :

Salaries and wages expenses

$29,500

Advertising expenses

$1,800

Rent expense

$10,400

Utilities expense

$3,100

Total expenses

$44,800

Net Income

$18,800

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Jake Peavy Co.

Income Statement

for the year ended 2012

Service Revenue

$63,600

Expenses :

Salaries and wages expenses

$29,500

Advertising expenses

$1,800

Rent expense

$10,400

Utilities expense

$3,100

Total expenses

$44,800

Net Income

$18,800

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