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Question 3 Hammerstone Consulting provides risk management services to individuals and to corporate...

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Accounting

Question 3
Hammerstone Consulting provides risk management services to individuals and to corporate clients. The company closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report.
HAMMERSTONE CONSULTING
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR
Rovenue:
Consulting reveriue-Individual cllents
Consulting reverue-corporate cllents
$60,000
240,000
$300,000
$60,000
240,000
$300,000
Expenses:
Advertising expense
Depreclation expense: compurers
Rent expense
$24,000
Office supplles expense
36,000
14.400
Trevol expense
6.600
Utilties expense.
86.700
Telephone and Internet expense
4.950
2,850
Salaries expense
233.250
Interest expense
Nolloss
3.750
412.500
$(112,500)
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