- On August 1, Youssef established Wolf Company that provides driving lessons, by investing $90,000 cash in the business. Following are the assets and liabilities of the company on August 31, 2019, and the revenues and expenses for the month of August. Cash $ 11,200- Notes Payable $60,000 -Accounts Receivable 14,400- Rent Expense 2,400 - Equipment 128,000- Repair Expense 800- Lesson Revenue 15,000 -Fuel Expense 5,000 -Advertising Expense 1,000- Insurance Expense 800- Accounts Payable 1,600 Youssef did not make any other investment in August, but he withdrew $3,000 in cash for personal use.

Required Prepare income statement for the month ended August 31, 2019