Required information [The following information applies to the questions displayed below.) The following information for the year ended December 31, 2016, was reported by Nice B Inc. Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable $ 54,000 31,800 102,400 86,000 138,500 0 145, 700 11,000 30,400 18,100 32,600 7,900 15,200 10,800 36,600 155,800 26,000 17,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 30,000 34,100 11,900 61,400 94,000 155,000 dtv A N DD Cash received from customers 155 Required: 1. Prepare an income statement for 2016. NICE BITE, INC. Income Statement For the Year Ended December 31, 2016 Revenues Service Revenue * 155,800 155,800 Cash Total Revenues Expenses Income Tax Expense Interest Expense Office Expense Salaries and Wages Expense Utilities Expense Prepaid Rent Total Expenses Net Income 11,000 30,400 15,200 36,600 26,000 7,900 127,100 28,700 $