0 Chapter 1 10 Requirement 1. Prepare the Income Statement and the Statement of Changes in Equity of Express Copy Center, for the month ended July 31, 20X7. F1.37B (garning Obingtin 1 E1-36B. (Learning Objective 4: Preparing an Income Statement and a Statement of Changes in Equity) Assume Express Copy Center ended the month of July 20X7 with this data: LO 4 Payments of cash: Acquisition of equipment. 411,000 Cash balance, June 30, 20X7...... 0 Dividends. 3,100 Retained earnings Cash balance, July 31, 20X7...... Cash receipts: 9,500 June 30, 20X7. Retained earnings July 31, 20X7.. Issuance of shares to owners..... $4,000 ? Rent expense.... 5,750 Utilities expense.... Adjustments to reconcile 11,000 Share capital.. 54,000 Equipment... 411,000 net income to net cash. Office supplies. 14,200 provided by operations.......... 2,800 Accounts payable. 17,000 Salary expense........ 161,800 Service revenue. 544,450