M.E. Carter launched a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. Prepare an income statement for Carter Company for the month of March.

a. Carter (owner) invested in the company, $ 100,000 cash and $ 20,000 in property and equipment. The company issued common stock to Carter.

b. The company paid $ 3,200 cash for rent of office furnishings and facilities for March.

c. The company performed services for clients and immediately received $ 4,000 cash earned.

d. The company performed services for clients and sent a bill for $ 24,000 with payment due within 60 days.

e. The company compensated an office employee with $ 4,800 cash as salary for March.

f. The company received $ 10,000 cash as partial payment on the amount owed from clients in transaction (d).

g. The company paid $ 935 cash in dividends to Carter (owner).