Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances
Cash $4,100
Salaries expense 1,550
Accounts payable 2,100
Retained earnings 4,550
Utilities expense 1,200
Supplies 12,500
Service revenue 8,000
Common stock 4,700

Required:
Use only the appropriate accounts to prepare an income statement.

The master manufacturing company has just announced a tender offer for its own common stock. master is offering to buy up to 100% of the company's stock at $20 per share contingent on at least 64% of the outstanding shares being tendered. after the announcement of the offer, the stock closed on the nyse up 2.50 at $18.75. a customer has 100 shares of master stock in his cash account. the customer tells you that he wishes to "cash out" his position. you should recommend that the customer: