The following information relates to Purple Company for the…
The following information relates to Purple Company for the year 2021. Retained Earnings, January 1, 2021 $ 44,000 Rent expense $11,500 Supplies expense $19,500 Unearned Revenue $17,500 Dividends during 2021 $ 5,700 Revenue (Fees Earned) $170,000 Accounts Payable $43,000 Utilities expense $5,500 Insurance expense $51,000 Depreciation expense $13,500 Inventory $100,000 Accounts Receivable $6,730 Prepare an Income Statement for Purple Company for December 31, 2021