Prepare the income statement.

Start with the heading and then complete the rest of the statement.

Payments of cash:
Acquisition of equipment . . . . . . . . . . . .	$206,500		Cash balance, August 1, 2017 . . . . . . . . . .	$0
Dividends . . . . . . . . . . . . . . . . . . . . . . . .	2,000		Cash balance, August 31, 2017 . . . . . . . . .	5,900
Retained earnings			Cash receipts:
August 1, 2017 . . . . . . . . . . . . . . . . . . .	0		Issuance (sale) of stock to owners . . . .	20,100
Retained earnings			Rent expense . . . . . . . . . . . . . . . . . . . . . . .	1,900
August 31, 2017	?		Common stock . . . . . . . . . . . . . . . . . . . . . .	20,100
Utilities expense . . . . . . . . . . . . . . . . . . . . .	5,700		Equipment . . . . . . . . . . . . . . . . . . . . . . . . . .	206,500
Adjustments to reconcile net income			Office supplies . . . . . . . . . . . . . . . . . . . . . .	7,500
to net cash provided by operations . . . .	1,500		Accounts payable . . . . . . . . . . . . . . . . . . . .	9,000
Salary expense . . . . . . . . . . . . . . . . . . . . . .	78,200		Service revenue . . . . . . . . . . . . . . . . . . . . .	278,600

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