Use the following information to prepare an income statement for Ohio City Burrito for the year ended December 31, 2016.

Payroll $47,000

Property Taxes 3,800

Depreciation 8,000

Property Insurance 5,000

Rent 6,000

Employee Benefits 11,000

Income Taxes 450

Supplies Expense 4,000

Utilities 6,500

Liquor Sales 75,000

Cost of Food Sold 28,000

Cost of Liquor Sold 15,000

Food Sales 120,000

Advertising 1,500

Interest 9,000