The following business transactions relate to Sarah Simone for her first month of business operations in January 2017. All relevant transactions include 10% GST.

2017

January 1 Commenced business operations with a $300 000 cash injection of personal funds.

2 Paid monthly rent $1650.

4 Purchased office stationery $2200 on credit from WorksOffice.

7 Purchased office equipment on credit from Supplies Inc. $11000.

9 Sent invoice to client M. Lewis for services $3300.

11 Purchased new computer for cash $770.

13 M. Lewis paid amount outstanding.

14 Met with prospective client and negotiated the provision of financial advice for client and family quoting $5500.

15 Made credit sales of $1100.

17 Paid car parking expense $220.

19 Withdrew cash from business $2200 for personal use.

22 Paid WWW Ltd for monthly internet use $198.

29 Received interest from business bank account $22.

31 Wages expense for the month is $550. PAYG is $50. The wages will be paid next month.

31 Depreciation expense $500.

31 A stocktake at the end of the month shows office stationery supplies on hand of $2000.

Required:

Prepare an income statement in good format.