On March 1, 2019, Janet Dodge began Dodge Delivery Service, which provides delivery of bulk mailings to the post office, neighborhood delivery of weekly newspapers, data delivery to computer service centers, and various other delivery services using leased vans. On February 28, Dodge invested $20,000 of her own funds in the firm and borrowed $8,000 from her father on a six-month, non-interest-bearing note payable. The following information is available on March 31:
Accounts receivable.. $10,700
Rent expense. 2,500
Advertising expense 1,100
Supplies expense 2,500
Accounts payable 1,400
Salaries expense 6,200
Miscellaneous expense 1,300
Delivery fees earned$23,300
Cash 12,700
Supplies inventory 14,800
Notes payable 8,000
Insurance expense 900
Common stock . . . . . . . . . 20,000
Retained earnings ?
a. Prepare an income statement for the month of March.
b. Prepare a balance sheet as of March 31, 2019.