*Critical Thinking 3-05 a Bramble Park was organized the trial balance prepared by a part-time bookkeeper, Erica prepared the following income statement for the quarter that ended March 31, 2020 on April 1, 2019, by Erica Hatt. Erica is a good manager but a poor accountant. From Bramble PARK Income Statement For the Quarter Ended March 31, 2020 Revenues $90,900 Rent revenue Operating expenses Advertising $5,300 Salaries and wages 29,900 Utilities 800 Depreciation 800 Maintenance and repairs 3,900 Total operating expenses 40,700 $50,200 Net income Erica thought that something was wrong with the statement because net income had never exceeded $20,800 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data You first look at the trial balance. In addition to the account balances reported above in the income statement, the ledger contains the following additional selected balances at March 31, 2020. Supplies $5,800 Prepaid Insurance 7,500 Notes Payable 12,000 You then make inquiries and discover the following. 1. Rent revenues include advanced rentals for summer occupancy $14,700. 2. There were $1,600 of supplies on hand at March 31. 3. Prepaid insurance resulted from the payment of a one-year policy on January 1, 2020. 4. The mail on April 1, 2020, brought the following bills: advertising for week of March 24, $100; repairs made March 10, $250; and utilities, $180 5. Salaries and wages expense total $340 per day. At March 31, 1 day salaries and wages have been incurred but not paid. 6. The note payable is a 3-month, 11% note dated January 1, 2020. (a) Prepare a correct income statement for the quarter ended March 31, 2020. Bramble PARK Income Statement