Josh has opened his own restaurant Premier Steakhouse and Tavern. Using the information below, prepare an income statement to determine Joshs net income for his first month in business.

• Month 1 total revenues/sales: $25,000
• Josh began the month with $5,500 in meat, produce, and other standard pantry ingredients. During the middle of the month, he purchased an additional $1,700 in meat and produce. At the end of the month, he was left with $650 in inventory.
• Month 1 kitchen and wait staff costs: $10,500
• To build awareness for his first month in business, Josh spent $750 on marketing and advertising.
• Utility and internet bills totaled $890
• Josh pays $125 in monthly interest on a small business.
• As a sole proprietor, Josh pays 17% in personal income taxes on his earnings.
• What is Joshs net income for the month? Round to the nearest whole dollar amount.