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Below is financial data for New York Safety Fire as of 31 December 2021: Cash at bank $100,000 Truck $65,000 Accrued wages 25,000 Michael Corleone,

Below is financial data for New York Safety Fire as of 31 December 2021:

Cash at bank

$100,000

Truck

$65,000

Accrued wages

25,000

Michael Corleone, capital 1 January, 2021

38,000

Accounts receivable

55,000

Depreciation expense-truck

3,000

Insurance expense

30,000

Advertising expense

5,000

Accounts payable

15,000

Wages expense

45,000

Service revenue

180,000

Michael Corleone, drawings

1,500

Insurance payable

25,000

Supplies expense

28,000

Telephone expense

8,000

Loan payable

38,000

Office Furniture

70,000

Accrued interest

1,000

Prepaid Advertising

20,000

Accumulated depreciation-truck

12,000

Unearned Revenue

15,000

Supplies

44,000

Required: Prepare an income statement for New York Safety Fire for the month ended 31 December 2021. (10 marks)

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