3. William Calvin owns and operates Sales Consulting, an unincorporated consulting firm. The following information is...

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3. William Calvin owns and operates Sales Consulting, an unincorporated consulting firm. The following information is based on December 31, 2014 year end ending balances for the firm. (All amounts are in 000's) Accounts payable Accounts receivable $1,860 Prepaid insurance 80 3,340 Supplies 120 Cash 1,705 Telephone expense 480 Drawings, W. Calvin 4,800 W. Calvin, capital, beginning of year 3,755 Fees eamed 10,600 Wages expense 6,890 Insurance expense Investments, W. Calvin 900 1,500 Wages payable 600 a. Prepare the income statement for Sales Consulting. [5 marks] 3. William Calvin owns and operates Sales Consulting, an unincorporated consulting firm. The following information is based on December 31, 2014 year end ending balances for the firm. (All amounts are in 000's) Accounts payable Accounts receivable $1,860 Prepaid insurance 80 3,340 Supplies 120 Cash 1,705 Telephone expense 480 Drawings, W. Calvin 4,800 W. Calvin, capital, beginning of year 3,755 Fees eamed 10,600 Wages expense 6,890 Insurance expense Investments, W. Calvin 900 1,500 Wages payable 600 a. Prepare the income statement for Sales Consulting. [5 marks]