Pratt corp started accounting period with 31000 of assets


Pratt Corp. started accounting period with $31,000 of assets, 12,500 of liabilities, and $16,000 retained earnings. During the period, the Retained Earnings account increased by $16,550. The bookkeeper reported that Pratt paid cash expenses of $31,500 and paid a $3,100 cash dividend to stockholders, but she could not find a record of the amount of cash that Pratt received for performing services. Pratt also paid $5,500 cash to reduce the liability owed to a bank, and business acquired $6,900 of additional cash from the issue of common stock.

How to prepare an income statement for the 2016 accounting period?

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Financial Accounting: Pratt corp started accounting period with 31000 of assets
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