The assets, liabilities, stockholders€™ equity, revenues, and expenses of Davis Design Studio, Inc., have the following balances at December 31, 2012, the end of its first year of operation. During the year, the business issued common stock for $15,000.

Requirements
1. Prepare the income statement of Davis Design Studio for the year ended December 31, 2012. What is the result of operations for 2012?
2. What was the amount of the company€™s dividend payments during theyear?

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Note payable Rent expense Cash Office supplies Salary expense Salaries payable Property tax expense $ 42,000 Office furniture 23,000 Utilitics expense 3,600 Accounts payable 4,500 Stockholders' equity 65,000 Scrvice revenue 2,200 Accounts reccivable 1,500 Supplics expense $ 49,000 6,900 3,200 18,300 158,300 8,600 4,200