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Exercise 1-46 (Algorithmic) Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. 124,050 Advertising expense Depreciation expense (on service van) Income taxes expense Interest expense Rent expense Insurance expense Salaries expense (for administrative personnel) Service revenue 16,240 15,150 10,100 58,400 11,900 195,600 934,500 66,400 26,100 448,300 Supplies expense Utilities expense Wages expense (for service technicians) Required: 1. Prepare a single-step income statement for ERS for 2019. Note: For grouped values (e.g. revenues or expenses), enter individual amounts as positive values. If the total for the group is subtracted or a overall negative amount, enter using a minus sign. ERS Inc. Income Statement For the Year Ended December 31, 2019 sign. ERS Inc Income Statement For the Year Ended December 31, 2019 Revenues: 934.500 Expenses: Wages expense y { 48300 v 195,600 66,400 58400 V 26,100 24.050 16.240 ) Supplies expense Rent expense Utilities expense Advertising expense 11,900 10,100 15,150 872,240 Net income 62.260 1. Prepare an income statement with proper form. Start with company name, statement type, and date. T Check My Work Previous Next All work saved Net income 62.260 Feedback Check My Work 1 Prepare an income statement with proper form. Start with company name, statement type, and date. To 2. Conceptual Connection: Compute net profit margin for ERS. Round your answer to one decimal place. 6.71 % If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? If ERS had an incremental increase in revenue of $100,000, based on the net profit margin computed, what is the additional potential profit? 17,360 X 3. Conceptual connection: Assume that ERS net profit margin was 8.5% for 2018, As an investor, what condlusions might you draw about ERS future profitability? A declining profit margin implies that ERS is having difficulty maintaining control over its expenses, V 2. Net protit margin-Net income dvided by sales (or service) revenue 3 Consider changes in profit margin and its relationship to expenses Feecback Partially cormect Previous Next