Merlock, Inc. Income Statement For the Quarter Ended March 31, 2020 Revenues Rent revenue $891900 Operating expenses Advertising $5,300 Sa lanes and wages 294800 Uttes 850 Depreciation 800 Maintenance and repairs 3.900 Total operating expenses 10.630 Net income $19.250 Barbara thought that something wilis wrong with the statement becausenetindme had never exceeded $19.600' in an une quarter. Knowing that you are an experienced accountant she svou to review the come statement and other data You first bokad the urlat balance. In add to the adcount balances renorted above the ideme statement the economia is the Tollowing additional selected bilances au March 31, 2020 Supplies Papaid DO Bebe Rentrevenues include advanced rentals Purmerouxe 2001 , There were $1.500 al supplies on land al March 31. Prepaid insurance resulted train the payment of a one-year policy on January 1, 2020 Time mail on April 1. 2020. brought the following bluse advertising for vuek of March 24 $10repairs de Marchio $25 and utilities. 5170, Salaries and wages expense lotal $20mer day L M 1.20mm Korean cuir no paid KIN lle motelesa um 10 ote dunda L0200 Mellock loc. Income Statement Forthe Quarter Ended March 2020