Prepare the income statement of Decorating Arrangements for the year ended December 31, 2016.
Insurance Expense....... $ 2,000
Service Revenue....... 80,000
Utilities Expense....... 500
Rent Expense....... 11,000
Common Stock....... 8,500
Cash.............. 7,000
Retained Earnings, Jan. 1, 2016 .... 4,800
Salaries Expense.......$ 37,000
Accounts Payable....... 4,300
Office Supplies....... 1,500
Dividends....... 4,500
Accounts Receivable....... 7,500
Equipment....... 26,600