Rent expense	$7,500	Dividends	$10,200
Truck	14,600	Accounts payable	6,700
Supplies	2,500	Service revenue	45,500
Salary expense	19,400	Salary payable	1,200
Accounts receivable	8,200	Utilities expense	5,000
Note payable	11,000	Interest expense	1,500
Common shares	25,000	Cash	20,800

Picture Perfect Inc. gathered the following information regarding the asset, liability, shareholders' equity, revenue, and expense accounts as of the end of its first year in operations, July 31, 2023:

1. Prepare an income statement for Picture Perfect Inc. for the year ended July 31, 2023.