Problem 3-7. QED Electronics Company had the following transactions during April while conducting its television and stereo repair business, 1. A new repair truck was purchased for $19,000. 2. Parts with a cost of $1,600 were received and used during April. 3. Service revenue for the month was $33,400, but only $20,500 was cash sales. Typi- cally, only 95 percent of sales on account are realized. 4. Interest expense on loans outstanding was $880.

QED Electronics Company had the following transactions during April while conducting its television and stereo repair business. 1. A new repair truck was purchased for $19,000. 2. Parts with a cost or $1,600 were received and used during April. 3. Service revenue for the month was $33,400, but only $20,500 was cash sales. Typically, only 95 percent of sales on account are realized. 4. Interest expense on loans outstanding was $880. 5. Wage costs for the month totaled $10,000; however, $1,400 of this had not yet been paid to the employees. 6. Parts inventory from the beginning of the month was depleted by $2,100. 7. Utility bills totaling $1,500 were paid. $700 of this amount was associated with March's operations. 8. Depreciation expense was $2,700. 9. Selling expenses were $1,900. 10. A provision for income taxes was established at $2,800, of which $2,600 had been paid to the federal government. 11. Administrative and miscellaneous expenses were recorded at $4,700. Required: Prepare a detailed April income statement