The net income is wrong and I do not know what to do and there also thungs that are incorrect in the balance sheet

Return to go Fast Deliveries, Incorporated (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Assets: Cash Accounts Receivable Supplies FAST DELIVERIES, INCORPORATED Balance Sheet at January 1 Liabilities: $ 10,500 Accounts Payable 880 Stockholders' Equity: 750 Common Stock Retained Earnings $ 12,130 Total Liabilities and Stockholders' Equity $ 400 Total Assets 11,510 220 $ 12,130 Two employees have been hired, at a monthly salary of $2,540 each. The following transactions occurred during January of the current year. January 1 2 3 4 5 6 7 8 9 10 16 $5,100 is paid for 12 months' insurance starting January 1. (Record as an asset. ) $4,800 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $34,800 cash from First State Bank at 4% annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $24,000. Stockholders contribute $8,000 of additional cash to FDI for its common stock. Additional supplies costing $1,500 are purchased on account and received. $400 of accounts receivable arising from last year's December sales are collected. $300 of accounts payable from December of last year are paid. Performed services for customers on account. Sent invoices totaling $11,800. $7,600 of services are performed for customers who paid immediately in cash. $2,540 of salaries are paid for the first half of EEN ILLU. 20 punu umu.. FDI receives $3,800 cash from a customer for an advance order for services to be provided later in January and in February. $4,800 is collected from customers on account (see January 9 transaction). 25 January 31a. 31b. 31c. 31d. Additional information for adjusting entries: A $900 bill arrives for January utility services. Payment is due February 15. Supplies on hand on January 31 are counted and determined to have cost $210. As of January 31, FDI had completed 60% of the deliveries for the customer who paid in advance on January 20. Accrue one month of interest on the bank loan. Yearly interest is determined by multiplying the amount borrowed by the annual interest rate (expressed as 0.04). For convenience, calculate January interest as one-twelfth of the annual interest. Assume the van will be used for 4 years, after which it will have no value. Thus, each year, one-fourth of the van's benefits will be used up, which implies annual depreciation equal to one-fourth of the van's total cost. Record depreciation for the month of January, equal to one-twelfth of the annual depreciation expense. Salaries earned by employees for the period from January 16 to 31 are $1,270 per employee and will be paid on February 3. Adjust the prepaid asset accounts (for rent and insurance) as needed. 3le. 31f. 31g. Required: 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-C. Prepare the balance sheet. - Required information For the Month Ended January 31 6 Revenues Service Revenue $ 21,680 Total Revenues 21,680 500 2,040 Expenses Depreciation Expense Supplies Expense Interest Expense Utilities Expense Insurance Expense Rent Expense Salaries and Wages Expense 116 900 425 400 5,080 Total Expenses Net Income 9,461 13,489 $ Req 6A Req 6B Req 6C Prepare the statement of retained earnings. FAST DELIVERIES, INCORPORATED Statement of Retained Earnings For the Month Ended January 31 Retained earnings, beginning of period $ Add: Net Income 220 13,489 X Less: Dividends 0 Retained earnings, end of period $ 13,709 Assets Liabilities Current Assets Current Liabilities Cash $ $ 31,960 X 2,500 Accounts Receivable 7,480 Accounts Payable Salaries and Wages Payable Interest Payable 1,270 X 210 116 Supplies Prepaid Insurance Prepaid Rent Deferred Revenue 4,675 4,400 1,520 Total Current Liabilities Notes Payable (long-term) 5,406 34,800 40,206 Total Liabilities Stockholders' Equity 48,725 Common Stock Total Current Assets Accumulated Depreciation Vehicles 500 X Retained Earnings 19,510 13,709 X 24,000 24,500 73,225 Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity 33,219 73,425 $