Check figure: on the Balance sheet, Total liabilities = $35,600. Question 1 Please keep track of your work. Below is a Trial Balance for Katie's Quilts as of March 31, 2019: Katie's Quilts Trial Balance March 31, 2019 Account Name Cash Accounts Receivable Office Supplies Debits Credits 35,650 15,900 570 Prepaid Insurance 8,000 Quilting Machine 65,000 Accumulated Depreciation - Machine 8,500 Accounts Payable 11,850 Notes Payable 23,750 Common Stock 25,000 Dividends 10,000 Retained Earnings 27,520 Quilt Sales 43,400 Quilt Accessory Sales 13,550 Salaries Expense 4,230 Depreciation Expense - Machine 8,500 Legal Expense 2,580 Insurance Expense 1,250 Rent Expense 1,890 Totals 153,570 153,570 Required: Prepare an Income Statement using the information above