Use the following information to prepare an income statement for Penelope Company for the period ending December 31, Year 1. All transactions were for cash.Received revenue from services provided to customers, $30,500Paid $19,000 cash for landIssued $16,000 of common stockPaid dividends to stockholders, $3,000Paid operating expenses, $25,400
Required:
Prepare the income statement at the end of Year 1.

Question

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The Answer of Use the following information to prepare an income statement for Penelope Company for the period ending December 31, Year 1. All transactions were for cash.Received revenue from services provided to customers, $30,500Paid $19,000 cash for landIssued $16,000 of common stockPaid dividends to stockholders, $3,000Paid operating expenses, $25,400
Required:
Prepare the income statement at the end of Year 1.

Use the Following Information to Prepare an Income Statement for Penelope