The Following Information Relates to Molly Mae Co Instructions
After Analyzing the Data Prepare an Income Statement and Year

The following information relates to Molly Mae Co. for the year 2016. $\begin{array}{lrlr}\text { Owner's Capital, January 1,2016 } & \$ 64,000 & \text { Advertising expense } &\$6,500\\\text { Drawings during } 2016 & 5,700 & \text { Rent expense } & 8,500 \\\text { Service revenue } & 58,500 & \text { Utilities expense } & 1,500 \\\text { Salaries and wages expense } & 29,000 & &\end{array}$ Instructions
After analyzing the data prepare an income statement and an owner's equity statement for the year ending December 31 2016