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Prepare an income statement and a statement of changes in equity for the Consulting practice...

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Accounting

Prepare an income statement and a statement of changes in equity for the Consulting practice of Michael Parkinson, from the account balances listed below for the month of July 20X2. Equity (July 1) 30000 Accounts payable 40000 Bank Loan 16000 Equipment 80000 Service revenue 30000 Dividends paid 7000 Office supplies consumed 1500 Cash 1000 Water and light expense 1500 Office supplies on hand 4000 Salaries expense 15000 Accounts receivable 4000 Rent expense 2000

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