A firm reports the following information:

• On August 1, owners of the firm invested $10,000 in the firm to expand the firm.
• During August the firm delivered products and billed customers for those deliveries amounting to $50,000. The customers paid $20,000 of this billed amount during August.
• To manufacture these products the firm had to buy materials worth about $30,000 - $20,000 of which got sold and the remaining $10,000 worth of materials were in the firms warehouse at the end of August.
• In July the firm had paid rent for premises of $6,000 which represented rent for 2 months, July and August.
• During August the firm paid salaries to employees for work done during August - $2,000.
• On August 30, the firm received a bill for utilities for the month of August, $1,000. The firm plans to make the payment for these on Sep10, the due date.

Prepare an Income Statement for this firm for the month of August.