Ayayai Travel Court was organized on July 1, 2016, by Betty Johnson. Betty is a good manager but a poor accountant. From the unadjusted tabular summary, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2017.

Prepare correct income statement for the quarter ended June 30, 2017.

d Chrome File Edit View History Bookmarks People Window Help 0 Q >3 '6? LII I1 48%- Wed 4'27 PM Q D an: security Mumber- lnts x H M Inbox (1308) meighelenns x @Online'Tutoring'. College'Hom x [1f WileyPLUS 6 C' O i 0 Secure l https:/Iedugen.wileyplus.com/edugen/lti/main.uni 7% i O I] 5 Return to Blackboard ' Accounting for Decision Making for George Mason University, 1e WI leyPLU ME | S stem Announcements Home Read, Study&Practice Assignment Gradebook ORION Assignment > Open Assignment I" I: In J1!\" in "'Iill In IpirI-I Io |s In I: In Immer- in "C" Ilrlnlrlq CALCULATOR Pmurenvenslon 4BACK m Ayayai Travel Court Income Statement For the Quarter Ended June 30, 2017 Revenues Rent revenue $210,000 Operating expenses Advertising expense 3; 3,810 Salaries and wages expense 80,510 Utilities expense 910 Depreciation expense 2,710 Maintenance and repairs expense 4,010 Total operating expenses 91,950 Net income $118,050 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You rst look at the tabular summary. In addition to the account balances reported above in the income statement, it contains the following additional selected balances at June 30, 2017. Supplies 3; 8,210 Prepaid Insurance 14,400 d Chrome File Edit View History Bookmarks People Window Help D Socialsec'urity Number - lnts x M Inbox(1,208) Flamighele'nhs x @ OnlineTutoring',College'Hoin x M WileyPLUS x u Newsi Dashboard 6 C' O i i Secureihttps://edugen.wileyplus.com/edugen/lti/main.uni 1}} O I] 5 Return to Blackboard W' I PLU Accounting for Decision Making for George Mason University, 1e I ey Help | S stem Announcements Home Read, Study&Practice Assignment Gradebook ' ORION Assignment > Open Assignment E CALCULATOR PRINTER venslon 4 BACK m ' You rst'iobia't'th tEbLTIar s'ur'ma'r'yf addition to the account Balances reported a'bEve ihthe'icom'statemefi't contains Elie folIomng'addifi'dni's'eiectd Balances'atiuneE'Cmei '7' V 7 W Supplies $ 8,210 Prepaid Insurance 14,400 Notes Payable 14,000 You then make inquiries and discover the following. Ayayai rental revenues include advanced rental payments received for summer occupancy, in the amount of $57,010. There were $1,810 of supplies on hand at June 30. Prepaid insurance resulted from the payment ofa 1-year policy on April 1, 2017. The mail in July 2017 brought the following bills: advertising for the week of June 24, $110; repairs made June 18, $4,460; and utilities for the month of June, $215. Wage expense is $300 per day. At June 30, 4 days' wages have been incurred but not paid. The note payable is a 6% note dated May 1, 2017, and due on July 31, 2017. Income tax of $13,410 for the quarter is due in July but has not yet been recorded. NPWPP'N?' Prepare a correct income statement for the quarter ended June 30, 2017. Ayayai Travel Court Income Statement ml: m main --m In IpIrI-I lo I; In}: in lymph in "I\" IN Flair-Ia :1: [if WileyPLUS 6 A) C 0 ' 6 Secure \\ httpszlledugen.wileyplus.comledugen/Iti/main.uni 1k 1 O I] 2 Return to Blackboard ' Accounting for Decision Making for George Mason University, 1e WI leyPLU ME I 5 Stem Announcements Home Read, Study & Practice Gradebook ORION Assignment > Open Assignment FIE fuLcuuronr 'zunrenvenslonj '71 BACKi'm ' Prepare a correct income statement for the quarter ended June 30, 2017. Ayayai Travel Court Income Statement - It\" In '":| 6 9 C' o ' i Secure\\httpszlledugen.wileyplus.comledugen/lti/main.uni 1'31' 0 I] E iWI'IeyPLUa Help | System Announcements ,. Home Read, Study & Practice Gradebook ORION Assignment > Open Assignment {0E umuumn \\ | PRINTER vansmn 1 ' ' BACK 'm LVJ R $ . l_. C h a S E I 0 4 Q g a I |_( g g 1 6 " :1 Z a: s = n S \\ snow us-r or ADCOIJN'I'S 1 'LINK To TEXT \\ {x 1'0 \"\"71 [Auux To TEX'I"|