Inanical Accounting Concepts Individual Project 2

Determine the amount of net income for the Lights & More Corporation for the month of December 200X. Use the following information:

Advertising Expense $2,200

Copy Machine Rental Expense 2,000

Machinery Purchase 110,000

Rent Expense 7,500

Revenue for December 251,000

Supplies Expense 1,250

Utilities Expense 4,600

Vehicle Purchase 14,920

Wages Expense 44,250

Create the document in Word or Excel using the correct format for an income statement.

Be sure to use APA style writing. Spell check and proofread your document.

You will be graded on the quality of your income statement.

Analyze the effect of business transactions on the basic accounting equation.
Prepare an Income Statement, Owner s Equity Statement and Balance Sheet.
Explain the steps in the accounting cycle.