An analysis of the transactions made by Sunland Company, a certified public accounting firm, for the month of August, its first month of operations is shown below. Each change in revenues or expenses is explained. Stoc! Assets Accounts Receivable Supplies Liabilities + Accounts Payable + + + Equipment Common Stock $14,500 + Revenues Exp 1. $4,500 $3,500 $700 $3,500 $8,700 Cash $14,500 - 1,000 -700 5,200 -1,000 -2,200 -650 350 -4,200 2. 3. 4. 5. 6. 7. 8. 9. 10. - 1,000 -350 400 An analysis of the transactions made by Sunland Company, a certified public accounting firm, for the month of August, its first month of operations is shown below. Each change in revenues or expenses is explained. Liabilities Accounts Payable Stockholders' Equity Retained Earnings Expenses Dividend es Common Stock $14,500 Equipment + Revenues $4,500 $3,500 00 $8,700 Service Revenue -1,000 -$2,200 -$650 Rent Expense -4,200 -400 Salaries/Wages Expense Utilities Expense 400 Prepare an income statement for August. Sunland Company Income Statement For the Month Ended August 31, 2017 Revenues Service Revenue $ 9,100 Expenses Rent Expense $ 700 Salaries and Wages Expense 3,800 Utilities Expense 500 Total Expenses 5,000