ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Advertising expense $24,020 Depreciation expense (on service van) 16,210 Income taxes expense 15,150 Interest expense 10,100 Rent expense 58,400 Insurance expense 11,900 Salaries expense (for administrative personnel) 195,600 Service revenue 933,800 Supplies expense 66,400 26,100 Utilities expense 448,300 Wages expense (for service technicians) Required: 1. Prepare a single-step income statement for ERS for 2019. Note: For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or a overall negative amount. enter usina a minus sian. 1. Prepare a single-step income statement for ERS for 2019. Note: For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or a overall negative amount, enter using a minus sign. ERS Inc. Income Statement For the Year Ended December 31, 2019 Revenues: Service revenue 933,800 Expenses: Wages expense 448,300 Salaries expense 195,600 Supplies expense 66,400 Rent expense 58,400 Utilities expense 26,100 Advertising expense 24,020 Depreciation expense 16,210 Insurance expense 11,900 Insurance expense 11,900 Interest expense 10,100 Income taxes expense 15,150 Total expenses 872,180 Net income 61,400 Feedback Check My Work 1. Prepare an income statement with proper form. Start with company name, statement type, and date. Total revenue minus total expenses = net income. 2. Conceptual Connection: Compute net profit margin for ERS. Round your answer to one decimal place. 6.58 X % If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? If ERS had an incremental increase in revenue of $100,000, based on the net profit margin computed, what is the additional potential profit? 3. Conceptual Connection: Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS' future profitability? A declining profit margin implies that ERS is having difficulty maintaining control over its expenses