E1-8 (Algo) Analyzing Revenues and Expenses and Completing an Income Statement LO1-1 Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors. S. Bhojraj owns 60 percent of the total outstanding stock of 9,090 shares and is the managing executive in charge. On December 31, current year, the following financial items for the entire year were determined: commissions eamed and collected in cash, $151,300, plus $17,200 uncollected, rental service fees earned and collected, $21,000; salaries expense paid, $62,370; commissions expense paid, $35,150, payroll taxes paid, $2,100; rent paid for January through November, $2.475 (not including December rent yet to be paid); utilities expense paid. $2.300; promotion and advertising paid, $7,570; income taxes paid, $22,900, and miscellaneous expenses paid, $480. There were no other unpaid expenses at December 31. Also during the year, the company paid the owners "out-of-profit" cash dividends amounting to $10.600. Complete the following income statement Revenues Answer is complete but not entirely correct. NEIGHBORHOOD REALTY, INCORPORATED Commissions earned Rental service fees Total revenues Expenses Salaries expense Income Statement At December 31, Current Year 160,000 C 21.700 O $ 190.700 Commission expense Payroll tax expense Rent expense Utities expense Promotion and advertising expense 82.390 35.260 O 1,500 O 2.508 O 2,100 7,730 O