Memorex Arrangements has just completed operations

Memorex Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business:(Click the icon to view the assembled data of Memorex Arrangements.) Prepare the income statement of Memorex Arrangements for the year ended December 31, 2024. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Question content area bottom 1. Income statement— Answers the question of whether the business is profitable. The income statement summarizes an entity's revenues and expense reports the net income or net loss for a specific period. 2.Statement of retained earnings— Answers the question of how the business uses its earnings. Did the company pay dividends or did the company keep the earning further invest in the business? The statement of retained earnings reports how the company's retained earnings balance from the beginning to the end of the period. The retained earnings account increases by net income and decreases by d and net losses. 3. Balance sheet— Answers the questions of the amount of assets a business has and who can claim those assets— creditors or stockholders. The balance sheet is the accounting equation reporting the assets, liabilities, and stockholders' equity o business as of a specific date. 4.Statement of cash flows— Answers the question of whether the business generates enough cash to pay its bills. The statement of cash flows reports on a bu cash receipts and cash payments for a specific period. In focusing on the income statement, we are told the income statement answers the question of whether the business is profitable. The income statement tells us whether the business enjoyed net income or suffered a net loss. Recall net income means total revenues are greater than total expenses, and net loss means total expenses are greater than total revenues. Part 2 The first step in preparing any financial statement is to prepare a properly-formatted heading. Remember that the income statement (also called thestatement of earnings) presents a summary of a business entity's revenues and expenses for a period of time— in this case for a year. Go ahead and prepare the heading. Memorex Arrangements Income Statement Year Ended December 31, 2024