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Income statement and owner's equity exercises: 1) Prepare an income statement based on the following information: Fees income, $38,000; Supplies expenses, $16,000; Salaries Expense, $12,000; Miscellaneous Expense, $7,000 2) Based on Prob. 1, what would the net income or net loss be if, in addition to the listed expenses, there was an additional expense of $5,000 charged to rent? 3) The following information was taken from an income statement: Fees income, $14,000; Rent expense, $2,000; Salaries expense, $5,000; Miscellaneous expense, $1,000. If the owner withdrew $2,000 from the firm, what is the increase or decrease in capital? 4) Based on Prob. 3, if the withdrawal were $9,000 instead of $2,000, what would the increase or decrease become? 5) If the Capital account has a balance on January 1 of $32,000, what will be the balance on December 31 (a) based on Prob. 3, (b) based on Prob. 4? 6) Based on the following information, determine the capital as of December 31, 1988: Net income for period, $18,000; Drawing, $6,000; capital (January 1, 1988), $20,000 7) Based on the following information, determine the capital as of December 31, Capital (January 1), $26,000; Net income, $18,000; Drawing, $20,000 8) Based on the following information, determine the capital as of December 31, Capital (January 1) $30,000; Net loss for period, $18,000; Drawing, $4,000