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The following information relates to SFS Co . for the year 2020. SFS, Capital, January 1, 2020. $ 48,000 Advertising expense.. $ 1,800 SFS, Drawings,

The following information relates to SFS Co . for the year 2020. SFS, Capital, January 1, 2020. $ 48,000

Advertising expense.. $ 1,800

SFS, Drawings, during 2020 7,000

Rent expense 12,000

Service revenue 67,000

Utilities expense. 3,100

Salaries expense. 30,000

Instructions After analyzing the data, prepare an income statement and an owners equity statement for the year ending December 31, 2020.

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