The adjusted trial balance of Ravine Corporation at December 31, 2014, includes the following accounts: Retained Earnings $17,520; Dividends $4,406; Service Revenue $38,288; Salaries and Wages Expense $13,139; Insurance Expense $1,763; Rent Expense $3,881; Supplies Expense $1,582; and Depreciation Expense $823. Prepare an income statement for the year.

                            Ravine Corporation

Income Statement  for the period ending 31 Dec 2014

Revenues:  

Service revenue                                        $38,288

Expenses:  

Salaries & Wages expenses    $13,139  

Insurance Expense                   $1,763  

Rent Expenses                          $3,881  

Supplies Expense                     $1,582

Depreciation Expenses            $823  

Total Expenses                                           $21,188

Net Income                                                 $17,100

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