The assets, liabilities, stockholders’ equity, revenues, and expenses of Carter Design Studio, Inc., have the following balances at December 31, 2010, the end of its first year of operation. During the year, the business issued common stock for $17,000.

Requirements 

1. Prepare the income statement of Carter Design Studio for the year ended December 31, 2010. What is the result of operations for 2010?
2. What was the amount of the company’s dividend payments during the year?

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Note payable $ 43,000 Office furniture $ 48,000 Rent expense Cash 20,000 Utilities expense 6,800 3,500 Accounts payable 3,100 Office supplies 5,000 Stockholders' equity 17,300 Salary expense 64,000 Service revenue 158,500 Salaries payable 2,100 Accounts receivable 9,000 Property tax expense 1,400 Supplies expense 4,500