Income Statement and Balance Sheet The records of R. Levy, Interior Decorator, show the following information for the year-end December 31, 2016 Notes Payable $8,000 Supplies $12,200 Decorating Fees Earned 135,200 Cash 8,400 Insurance Expense 3,000 Accounts Receivable 21,200 Supplies Expense 19,400 Advertising Expense 3,400 Miscellaneous Expense 400 Salaries Expense 60,000 Common Stock 23,200 Rent Expense 15,000 Retained Earnings ? Accounts Payable 3,600 Required a. Prepare an income statement for the year. Do not use negative signs with your answers. R. LEVY, INTERIOR DECORATOR Income Statement For Year Ended December 31, 2016 $ $ Expenses Supplies Expense Insurance Expense Advertising Expense Salaries Expense Miscellaneous Expense Total Expenses b. Prepare a balance sheet as of December 31, 2016. R. LEVY, INTERIOR DECORATOR Balance Sheet December 31, 2016 LIABILITIES ASSETS $ Supplies Notes payable Total Liabilities STOCKHOLDERS' EQUITY $ Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets