Carla Vista Co., a ski tuning and repair shop, opened on November 1, 2021. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2022. Cash Receipts $21,400 Cash Payments $9,120 1,225 400 860 Issuance of common shares Payment to purchase repair shop equipment Rent payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services Subtotals Cash balance 2,000 11,000 31,200 52,600 24,605 27,995 Totals $52,600 $52,600 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The part-time helper is owed $530 at April 30, 2022, for unpaid wages. At April 30, 2022, customers owe Carla Vista Co. $520 for services they have received but have not yet paid for. Income Statement For the Six Months Ended April 30, 2022 Revenues Service Revenue $ 31,720 Expenses Rent Expense 1,225 i Advertising Expense 400 i Utilities Expense 860 i Salaries and Wages Expense 2,530 i Depreciation Expense Income Tax Expense 11,000 Total Expenses Net Income /(Loss) $