Consider the following account balances of the Shattuck Law Firm as of December 31, 2012: $$\begin{array} { l r }
\text { Accounts Payable } & \$ 4,400 \
\text { Salaries Expense } & 12,800 \
\text { Cash } & 1,700 \
\text { Common Stock } & 2,400 \
\text { Service Revenue } & 8,300 \
\text { Supplies } & 4,300 \
\text { Retained Earnings } & 1,100 \
\text { Utilities Expense } & 5,000
\end{array}$$ How many of these accounts would appear in Shattuck's 2012 income statement?

Question

Consider the following account balances of the Shattuck Law Firm as of December 31, 2012: $$\begin{array} { l r } 
\text { Accounts Payable } & \$ 4,400 \
\text { Salaries Expense } & 12,800 \
\text { Cash } & 1,700 \
\text { Common Stock } & 2,400 \
\text { Service Revenue } & 8,300 \
\text { Supplies } & 4,300 \
\text { Retained Earnings } & 1,100 \
\text { Utilities Expense } & 5,000
\end{array}$$ How many of these accounts would appear in Shattuck's 2012 income statement?

Quizplus · Accepted Answer

The income statement includes revenues and expenses. Here, Service Revenue, Salaries Expense, and Utilities Expense would appear in the income statement.

Consider the Following Account Balances of the Shattuck Law Firm