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Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018.Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The data below have been assembled for the business:Insurance Expense $2,500Service Revenue 84,000Utilities Expense 1,500Rent Expense 12,000Common Stock 5,500Cash 5,800Retained Earnings, January 1, 2018 4,700Salaries Expense 47,000Accounts Payable 600Office Supplies 1,900Dividends 4,500Accounts Receivable 7,000Equipment 12,600Prepare the income statement of Pink Arrangements for the year ended December 31, 2018.

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Answer:

Income statement for the year ended December 31, 2018.

Service Revenue                                 $84,000

Less Expenses :

Insurance Expense        $2,500

Utilities Expense             $1,500

Rent Expense               $12,000

Salaries Expense         $47,000        ($63,000)

Net Income / (Loss)                             $21,000

Explanation:

The Income Statement shows the Profit or Loss arising from operating activities of the company during the year. Profit or Loss = Revenue less Expenses.

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