1. Nal & Lakhani Ltd., a company operating in Belize, has receipts from multiple sources. It sells furniture and it provides accounting services, as well. The furniture business has not been doing as well as hoped, and there are indications that the business suffered an overall loss in 2017. You have been hired to finalize an income statement from the following balances found in a Trial Balance. Prepare the Income Statement. Furniture Purchases- Insurance- Salaries & wages- 860,000 25,000 465,000 Depreciation- Ending Inventory- Dec. 2017 Employer's contribution- Soc. Sec. Utilities Furniture Sales Professional Services Receipts 150,000 215,000 18,000 85,000 478,000 360,000 Material & Supplies 150,000 Transportation Expenses 1 80,000 Bank charges 120,000 Miscellaneous expenses 80,000 Opening Inventory- Jan. 2017 160,000 Business Tax Expense 33,565