Using Excel and the following expanded ledger accounts create an income statement for Niagara Gym Inc (owner: Alexia Jones). Date the Income Statement for the month ending December 31, 2020. Be sure to place the accounts in the correct order and provide a correct format. Note: Not all accounts will be used.

Use Excel formulas to determine the net income/net loss of the fiscal period and the total revenues/expenses.

Explain, with the net income/loss obtained, how this figure would affect the capital account of the company.

Accounts Accounts

Balances Balances

Accounts Payable 31,255 Equipment 17,800

Accounts Receivable 7,540 Members Fees 14,600

Automobile 41,520 Advertising Expense 2,880

Bank 31,600 Land 74,560

Begining Capital99,000 Loan Payable 21,500

Building 65,000 Mortgage Payable 32,480

Salaries Expense3,850 Phone Expense 190

Tanning Bed Rental 42,590 Maintenance Expense 650

Drawings 7,500 Interest Expense 2,690

Towel Rental160