Lars Linken opened Sheffield Cleaners on March 1, 2017. During March, the following transactions were completed.

Mar. 1		Issued 10,800 shares of common stock for $16,200 cash.
1		Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 note payable. Interest will be paid the first day of each subsequent month.
1		Purchased used truck for $8,600 cash.
2		Paid $1,500 cash to cover rent from March 1 through May 31.
3		Paid $2,700 cash on a 6-month insurance policy effective March 1.
6		Purchased cleaning supplies for $2,160 on account.
14		Billed customers $4,000 for cleaning services performed.
18		Paid $540 on amount owed on cleaning supplies.
20		Paid $1,890 cash for employee salaries.
21		Collected $1,730 cash from customers billed on March 14.
28		Billed customers $4,540 for cleaning services performed.
31		Paid $380 for gas and oil used in truck during month (use Maintenance and Repairs Expense).
31		Declared and paid a $970 cash dividend.

ADJUSTED TRIAL BALANCE:

prepare an income statement

SHEFFIELD CLEANERS Trial Balance March 31, 2017 Debit Credit Cash 7950 Accounts Receivable 7030 300 Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Interest Payable 1000 2250 8600 270 1620 1170 Interest Payable Notes Payable 6600 Common Stock 16200 Dividends 970 Service Revenue 8760 380 Maintenance and Repairs Expense Supplies Expense Depreciation Expense Interest Expense 1860 270 Insurance Expense 450 Salaries and Wages Expense 3060 Rent Expense 500 Totals 34653 34653 Prepare the income statement for March. SHEFFIELD CLEANERS Income Statement