Question - On January 1, 2014, Brad Thomas invested $30,000 in Thomas Repairs. During 2014, Brad withdrew $17,000 for personal use. Thomas Repairs reports the following balances on December 31, 2014:
Accounts receivable $ 9,000
Accounts payable 4,200
Service revenue 25,550
Land 4,000
Rent expense 4,500
Note payable 3,800
Supplies 900
Brad Thomas, Capital, Jan. 1, 2014 0
Salary expense 9,650
Cash 18,500
Brad Thomas, Withdrawals 17,000
Prepare an income statement for the year ended December 31, 2014.