The income statement is
Statement of Owner's Equity
For the year ended Dec 31, 2020
Owner's capital, January 1,2020 $66,370
Add: Net income $25,995
$92,365
Less: Owner's drawings $ 8,296
Owner's capital, Dec 31, 2020 $ 84,069
This is further explained below.
<h3>What is an income statement?</h3>
Generally, A firm's financial performance during a certain accounting period is summarized in its income statement, one of the three primary financial statements that the company produces.
Service revenue $ 87,940
Expenses: Salaries and wages expense $ 40,790
Advertising expense $ 2,489
Rent Expense $ 14,380
Utilities expense $ 4,286
Total Expenses $ 61,945
Net Income $ 25,995
In conclusion, the income statement
Statement of Owner's Equity
For the year ended Dec 31, 2020
Owner's capital, January 1,2020 $66,370
Add: Net income $25,995
$92,365
Less: Owner's drawings $ 8,296
Owner's capital, Dec 31, 2020 $ 84,069
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