Income statement preparation On December 31, 2019. Cathy Chen, a s employed fed public accountant (CP.completed her first year in business. During the year the danged her dens 55.000 for her accounting Services. She had to employees a bookkeeper and a derica n t boito o hermo salary of .00 Chen pada salas of 148.200 and 600 to the bookkeeper and the decadent,pectively Employment laws and benefit costs for Ms. Chen and her employees totaled 535,000 for the year Expenses for offices including postag e d 510.600 for the year in Ms Chen spent $17500 daring the year on tax deduce travel and entertainment associated with cents and new business development Lease payments for the office space rented at dette pense) were 250 per month Depreciation person the ofice r and fares was $15.50 for the year. During the year Ms Chenpadres of $14.600 on the M10 borrowed to the business. She puldan verage fat rate of 0 during 2013 a. Prepare an income statement for Cathy Chen CPA for the year ended December 31, 2019 b. Evaluate her 2019 financial performance 8. Prepare an income walement for Cat Chen CIA for the year ended December 31, 2019 Complete the a rt of the income a nd for Cathy Chenow e t the correct account for the drop down and round to the nearest Cathy Chen, CPA Income Statement for the Year Ended December 31, 2019 Complete the fragment of the income statement for Cathy Chen below. Select the correct account Choose from any list of enter any number in the inputs and then continue to the next question MILTU S I preparation Un December 31, 2019, Cathy Chen, a sell-employed certified public accountant (CPA), completed her first full year in business. During services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $8,050, Ms. Chen paid annual salaries of $48,200 and $36,30 Employment taxes and benefit costs for Ms. Chen and her employees totaled $35,000 for the year. Expenses for office supplies, including postage, totaled 510,600 for the on tax deductible travel and entertainment associated with client visits and new business development Lease payments for the office space rented a tax deductible expen office furniture and foctures was $15.900 for the year. During the year, Ms. Chen paid interest of $14,600 on the $124,000 borrowed to start the business. She paid an aver: a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2019 b. Evaluate her 2019 financial performance Complete the fragment of the income statement for Cathy Chen below. (Select the correct account from the drop-down menu and round to the nearest dollar.) Less: Operating expenses $ Total operating expense Operating profits (EBIT) Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search Income statement preparation On December 31, 2019, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in busine services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of 58,050, Ms. Chen paid annual salaries of 548.200 Employment taxes and benefit costs for Ms. Chen and her employees totaled $35,000 for the year. Expenses for office supplies, including postage, totaled $10 on tax deductible travel and entertainment associated with client visits and new business development. Lease payments for the office space rented (a tax deduc office fumiture and fixtures was 515,900 for the year. During the year, Ms. Chen paid interest of $14,600 on the 5124,000 borrowed to start the business. She pe a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2019. b. Evaluate her 2019 financial performance Operating prolits (EBIT) Complete the fragment of the income statement for Cathy Chen below (Select the correct account from the drop-down menu and round to the nearest dollar.) Net profits before taxes Complete the fragment of the income statement for Cathy Chen below. (Select the correct account from the drop-down menu and round to the nearest dollar.) Net profits after taxes b. Evaluate her 2019015 financial performance. (Select the best answer below.) Pelbos or 53 O A. In her first year of business, Cathy Chen did not cover all her operating expenses, which resulted in a net loss of $35,910 on revenues of $359,000 . OB. In her first year of business, Cathy Chen covered all her operating expenses and earned a net profit of $35,910 on revenues of $359,000. OC. In her first year of business, Cathy Chen covered all her operating expenses and earned a net profit of 551,300 on revenues of $359,000. O D. In her first year of business, Cathy Chen did not cover all her operating expenses, which resulted in a net loss of $51,300 on revenues of $359,000. . Choose from any list or enter any number in the input fields and then continue to the next