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Peters Curling Inc. operates several curling centres for games and equipment sales. The following transactions...

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Accounting

Peters Curling Inc. operates several curling centres for games and equipment sales. The following transactions occurred in October of the current year:
Peters collected $14,500 from customers for games played in October.
Peters sold curling equipment inventory for $9,500; received $6,000 in cash and the rest on account; the cost of sales is $5,800.
Peters received $4,000 from customers on account who purchased merchandise in September.
The curling league gave Peters a deposit of $4,500 for the upcoming fall season.
Peters paid $5,000 for the September electricity bill and received the October bill for $5,500, which will be paid in November.
Peters paid $7,000 to employees for work in October.
Peters purchased and paid $2,100 in insurance for coverage from October 1 to December 31.
Peters paid $2,500 to plumbers for repairing a broken pipe in the washrooms.
Required:
Prepare a statement of earnings for Peters Curling Inc. for the month of October of the current year. Use an income tax rate of 40 percent.

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