please solve the income statement

the options for headings are

_

account payable

Account receivable

Cash and cash equivalent

Common stock

Cost of goods sold

Cost of supplies used

Depreciation expense

Equipment

Gas, oil, and maintenance expense

Income tax expense

Income tax payable

Insurance expense

Interest expense

Interest payable

Inventory of merchandise

Investment

Long term debt

Miscellaneous expense

Note payable

Other administrative expense

Payroll tax expense

Rent expense

Retained earnings

Sales revenue

Utility expense

Wage expense

Wage payable

[I he following information applles to the questions displayed below] Penny Cassidy is considering forming her own pool service and supply company, Penny's Pool Service \& Supply, Incorporated. She has decided to incorporate the business to limit her legal liability. She expects to invest $32,000 of her own savings and receive 2.500 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31 , the end of the current year: cash in bank, $7,100, amounts due from customers for services rendered, $3,500; pool supplies inventory, $5,800, equipment, $29,200; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $4,700, note payable to the bank, $6,200. Penny forecasts first-year sales of $67,200, wages of $25,200. cost of supplies used $9.400, other administrative expenses of $5,700. and income tax expense of $5,200. She expects to pay herself a $19,000 dividend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service \& Supply. Incorporated? CON1-1 Part 1 Required: 1. Prepare a summarized income statement for the current year