These financial statements were prepared from the adjusted trial balance. 1 Fees earned 2 Expenses: 3 Wages expense Cole Designs Income Statement For the Year Ended December 31, 2018 $74,900.00 $47,200.00 4 Supplies expense 3,420.00 5 Insurance expense 2,500.00 6 Depreciation expense 1,900.00 7 Total expenses 55,020.00 8 Net income $19,880.00