## Accounting: Tools for Business Decision Making, 5th Edition

a) None of the 3 items were properly handled. b) WALTERS CORPORATION INCOME STATEMENT For the Year Ended December 31, 2014 Revenues $\ \ \$ Service Revenue $\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ $\$37,000$Expenses$\ \ \ $Insurance$\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \underline{$7,000}$ $\ \ \$ $\ \ \$ Total Expenses $\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ $\underline{\ \ \ \ \ 7,000}$ Net Income $\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ $\$30,000\$