Use the data below to do the following:

$-$Indicate next to each item if it belongs on the income statement, balance sheet or neither

$-$Indicate next to each item if it is income, expense, asset, liability, owners equity or other.

$-$create an income statement. For full credit, the income statement should have subtotals for Gross Profit, Operating profit and net profit.

Deciation Expense $ $2,083$

Income Taxes $ $4,319$

Interest Expense $ $1,875$

Owners$$ Salary $ $5,000$

Inventory $ $30,000$

Accounts Payable $ $22,000$

Equipment $ $80,000$

Accumulated Depreciation $ $40,000$

Transportation Expense $ $7,500$

Rent $ $1,200$

Wages $ $10,000$

Net Revenue $ $90,000$

Sales Staff Salary $ $5,000$

Utilities Expense $ $1,350$

Payroll and Accounting $ $1,200$

Marketing $ $4,500$

Cost of Service $ $30,000$

Cash $ $23,000$

Accounts Receivable $ $8,000$

Retained earnings $ $(12,000)$

Long Term Note Payable $ $20,000$

Long Term Loan $ $120,000$

Owner's Equity Investment $ $176,000$

Land $ $50,000$

Buildings $ $175,000$