The Gray Service Company had a fire and lost some of the accounting records it needed to prepare its 2000 income statement. Stan Gray, the owner, has been able to determine that his capital in the business was $32,000 at the beginning of 2000 and was $33,000 at the end of 2000. During 2000 he withdrew $14,000 from the business. Stan has also been able to remember or determine the following information for 2000.

(a) Cash service revenues were twice the amount of net income; credit service revenues were 40% of cash service revenues.

(b) Rent expense was $250 per month.

(c) The company has one employee, who was paid a salary of $14,000 plus 10% of the service revenues.

(d) The supplies expense was 15% of the total expenses.

(e) The utilities expense was $100 per month for the first nine months of the year and $200 per month during the remaining months of the year due to the cold winter.
Stan also knows that the company owns some service equipment, but he cannot remem- ber the cost or the amount of depreciation expense.
Required: Using the preceding information, prepare Gray Service Company’s 2000 income statement. Show supporting calculations.  lop74