Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 4,700 Salaries expense 1,850 Accounts payable 2,700 Retained earnings 4,150 Utilities expense 1,100 Supplies 13,100 Service revenue 8,600 Common stock 5,300Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Expenses: Total expenses

                       COWBOY LAW FIRM

Income Statement For the Period Ended December 31

Revenue

Service revenue                    $8,600

Expenses

Salaries expense   ($1,850)  

Utilities expense    ($1,100)  

Total expense                        ($2,950)

Net Income                             $5,650

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; whoever is willing and able to pay the price;