The following information relates to Fleete Co. for the year 2020. Owner's capital, January 1, 2020 $42,000 Advertising expense $ 1,800 Owner's drawings during 2020 6,000 Rent expense 10,400 Service revenue 63,600 Utilities expense 3,100 Salaries and wages expense 30,200 (al) After analyzing the data, prepare an income statement for the year ending DeceWher 31, 2020. Collapse question part FLEETE CO. Income Statement 7 Sony Jared opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500. Equipment $6,000, Accounts Payable $4,200, and Owner's Capital 58,800. During August, the following transactions occurred 1. 2. 3. 4. 5. 6. 7. 8. Collected $1.200 of accounts receivable Paid $2,800 cash on accounts payable Recognized revenue of $7,500, of which $4,000 is collected in cash and the balance is due in September Purchased additional equipment for $2,000, paying 1400 in cash and the balance on account. Paid salaries $2,800, rent for August $900, and advertising expenses 5400 Withdrew $700 in cash for personale Received $2.000 from Standard Federal Bank money borrowed on a note payable Incurred Utility expenses for month on account $270 Prepare an income statement for August. SONYA JARED, ATTORNEY AT LAW Income Statement