Question 4 Cullumber's Home Renovations was started in 2008 by Jim Cullumber. Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company's assets and liabilities as at December 31, 2017, and the revenues, expenses, and drawings for the year ended December 31, 2017: $4,025 Accounts payable $8,339 Operating expenses Accounts receivable 9,173 Prepaid insurance Cash 7,889 Salaries expense Equipment 30,135 Service revenue Insurance expense 2,526 Supplies Interest expense 1,087 Supplies expense J. Cullumber, drawings 45,727 Unearned revenue Notes payable 31,416 Vehicles 1,485 88,024 154,685 795 20,534 14,080 41,090 Jim's capital at the beginning of 2017 was $43,970. He made no investments during the year. Prepare the income statement. CULLUMBER'S HOME RENOVATIONS Income Statement > Liabilities and Owner's Equity $ >