O:

10/1 - $1,500 rent check cut & mailed to landlord for office

10/3 - $213 Office supplies ordered online using Office Depot credit account

10/5 - $5,000 payment received from client/customer for services provided in Oct

10/7 - $2,050 payroll direct deposited to employees

10/15 - $10,000 payment received from client/customer for services provided in Oct

10/22 - $2,050 payroll direct deposited to employees

NOV:

11/2 - $1,500 rent check cut & mailed to landlord for office

11/4 - $6,000 services rendered to client/customer but not yet paid

11/7 - $2,050 payroll direct deposited to employees

11/13 - $45,000 small biz loan obtained (5% APR, 2 years int only, 365 basis)

11/22 - $2,050 payroll direct deposited to employees

11/30 - $3,013 annual business insurance renewed (policy covers Dec - Nov)

DEC:

12/1 - $1,500 rent check cut & mailed to landlord for office

12/7 - $2,050 payroll direct deposited to employees

12/13 - $ interest payment directly debited from bank account for SBL

12/18 - $9,744 cash spent on company holiday party

12/22 - $7,050 payroll direct deposited to employees

12/28 - $5,000 payment received from client/customer for November services

Using the information prepare the income statement provided

Income Statement Oct - Dec Revenues: Service Revenue Sales Revenue Total Revenues Cost of Goods Sold Gross Profit Operating Expenses: Office Supplies Expense Wages Expense Travel Expense Meals \& Entertainment Rent Expense Insurance Expense Telephone Expense Depreciation Expense Misc. Expense Total Operating Expenses PBIT Income Interest Expense Tax Expense Net Income Income Statement Oct - Dec Revenues: Service Revenue Sales Revenue Total Revenues Cost of Goods Sold Gross Profit Operating Expenses: Office Supplies Expense Wages Expense Travel Expense Meals \& Entertainment Rent Expense Insurance Expense Telephone Expense Depreciation Expense Misc. Expense Total Operating Expenses PBIT Income Interest Expense Tax Expense Net Income