Prepare the income statement for Damon Design Studio for the year ending December 31, 2024.

The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2024. The owner, Eric Damon, began the year with a $39,000 capital balance, contributed $13,000, and withdrew $57,000 during the year.

Transcribed Image Text:

Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense $ 14,000 23,000 3,200 5,100 Office Furniture Utilities Expense Accounts Payable Service Revenue 65,000 Accounts Receivable 2,200 Miscellaneous Expense $ 48,400 7,200 3,600 154,600 9,300 3,800