Answer Happy

Party Planners Extraordinaire Corporation has just completed operations for the year ended December 31, 2011 This is the third year of operations for the company. As the sole shareholder, you want to know how well the business performed during the year. To address this question, you have assembled the following data Insurance expense $5,000 Salary expense 39.000 Service revenue 81,000 Accounts payable 7,000 Supplies expense 1,200 Supplies 1,900 Rent expense 17.000 Dividends 40,000 Requirement 1. Prepare the income statement of Party Planners Extraordinaire Corporation for the year ended December 31, 2011