Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following accounts and amounts for the month of June. Cash $ 6,500 Service revenue $ 12,900
Accounts receivable 4,800 Equipment 6,800
Accounts payable 3,800 Rent expense 2,300
L. Zhang, Withdrawals 1,800 Wages expense 8,000

Need an income statement for june

Lawson Consulting

LAWSON CONSULTING

Income Statement for the month ended June 30

Service revenue          $ 12,900

Rent expense      2,300

Wages expense  8,000 10,300

Net income                   $2,600

Explanation:

a) Data and Calculations:

Cash $ 6,500  

Accounts receivable 4,800

Equipment 6,800

Accounts payable 3,800

L. Zhang, Withdrawals 1,800

Service revenue $ 12,900

Rent expense 2,300

Wages expense 8,000

b) The income statement for the month of June summarizes Lawson's revenue and expenses, giving rise to a net income of $2,600.  On the statement, the financial profitability of the business is determined.  Only temporary accounts from the list of account balances are used to prepare the statement.

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