Prepare an income statement for the month ended July 31, 2016 for Bargain Books. Bargains account balances for the month ending July 31, 2016 are:

Cash	$ 2,800		Rent expense	$33,200
Accounts receivable	37,000		Utilities expense	1,060
Office supplies	6,200		Salaries expense	32,000
Office equipment	58,300		Miscellaneous expenses	290
Land	140,000		Retained earnings, July 1	24,300
Sales	110,000		Common stock	152,250
Cash dividends	5,300		Accounts payable	29,600