On your own 7-1 Preparing an income states of the current year is given in the Working Papers. Also given is a blesale A partial work sheet of Plumbing clutions for the month ended Februik. for completing an income statement. Work this problem independently Prepare an income statement for the month ended February 28 de current year. Calculate and record the ratios for total expenses and met income. Round percentage calculations to the nearest 0.1%. 7-1 ON YOUR OWN, p. 198 Preparing an income statement 7 INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT 12 Sales H Advertising Expense Cash Short and Over Insurance Expense Miscellaneous Expense Supplies Expense Utilities Expense 3 40 000 225.00 100 3 40 00 21000 98100 1 4 000 1 0 1 400 3400100 36/2000 1 2 3 400 2/386.00 2/3860020 340 000 340 000 362000 362000- |21 18 19 20 Net Income 21 22 23