2. Snow Inc. gathered together the following information regarding the asset, liability,

shareholders' equity, revenue, and expense accounts as of the end of its first year in operations,

July 31, 2020:

Rent expense $7,500 Dividends $10,200

Truck 14,600 Accounts payable 6,700

Supplies 2,500 Service revenue 45,500

Salary expense 19,400 Salary payable 1,200

Accounts receivable 8,200 Utilities expense 5,000

Note payable 11,000 Interest expense 1,500

Common shares 25,000 Cash 20,800

Prepare an income statement for Snow Inc. for the year ended July 31, 2020. (5 Points)