Use the following information to prepare an income statement for Penelope Company for the period ending December 31,2015.All transactions were for cash.Precede the amount with a minus sign if the transaction reduces that section of the income statement.
A)Received revenue from services provided to customers,$30,500.
B)Paid $19,000 cash for land.
C)Issued $16,000 of common stock.
D)Paid dividends to stockholders,$3,000.
E)Paid operating expenses,$25,400.

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The Answer of Use the following information to prepare an income statement for Penelope Company for the period ending December 31,2015.All transactions were for cash.Precede the amount with a minus sign if the transaction reduces that section of the income statement.
A)Received revenue from services provided to customers,$30,500.
B)Paid $19,000 cash for land.
C)Issued $16,000 of common stock.
D)Paid dividends to stockholders,$3,000.
E)Paid operating expenses,$25,400.

Use the Following Information to Prepare an Income Statement for Penelope