Prepare a statement of Financial Position and an Income Statement for the new legal firm of Dewy, Cheatem, and Howe's first month of operation ending December 31, 2018./ 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The three partners invested $30,000 cash in the business. Paid premium for two-year liability insurance policy, $1,500. Purchased office equipment with a cost of $20,000 with $5,000 down payment; the balance to be paid over three years $5,000 in computers and $15,000 in furniture. Paid the rent for the month, $900. Purchased $470 of supplies for cash. Received cash for services for the month, $8,750. Billed clients $14,200 for monthly services. Paid monthly utility bill, $210. Partners withdrew $1,000 each for personal use. Received payments of $3,300 from credit clients from (7) above