Answer Happy

Comprehensive Problem 1 Part 8: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. NOTE: You must complete parts 1, 2, 3, 4, 6 and 7 before completing part 8. Part 5 is optional. Prepare an income statement. Kelly Consulting Income Statement For the Month Ended May 31, 2019 Fees earned Expenses: Salary expense Rent expense Supplies expense Depreciation expense Insurance expense Miscellaneous expense Total expenses Net income Prepare a statement of owner's equity. Kelly Consulting Statement of Owner's Equity For the Month Ended May 31, 2019 Kelly Pitney, capital, May 1, 2019 $ Net income for the month Withdrawals Increase in owner's equity Kelly Pitney, capital, May 31, 2019