Prepare the income statement for Davis Design Studio for the year ending December 31, 2014.

The asset, liabilities, and equities of Davis Design Studio have the following balances at December 31, 2014. The retained earnings was $ 33,300 at the beginning of the year with common stock of $ 15,000 and dividends of $ 54,400 during theyear.

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Notes Payable Rent Expense Cash Office Supplies alaries Expense Property Tax Expense $10,900 Office Furniture 5 49,000 6,900 3,200 158,300 8,600 4,200 23,000 Ulities Experse 3,600 Accounts Payable 4,500 Service Revenue 65,000 Accounts Recevable 1,500 Miscellaneous Expense