Jeffery Company has just completed operations for the year e

Jeffery Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business

Accounts Payable $ 12,200 Office Expense $ 6,500
Accounts Receivable 14,500 Rent Expense 9,600
Cash 8,200 Retained Earnings, Jan. 1, 2016 8,300
Common Stock 9,000 Salaries Expense 36,000
Dividends 13,500 Service Revenue 84,000
Equipment 15,000 Utilities Expense 6,200
Insurance Expense 4,000

Prepare the income statement. Use a proper heading.
What will be an ideal response

ANSWER

Jeffery Company
Income Statement
Year Ended December 31, 2016

Revenues:
Service Revenue $84,000
Expenses:
Insurance Expense $4,000
Office Expense 6,500
Rent Expense 9,600
Salaries Expense 36,000
Utilities Expense 6,200
Total Expenses 62,300
Net Income $ 21,700