Extreme Hockey trains top-level hockey players with on-ice and off-ice programs. Extreme Hockey aims to maximize every hockey player’s full potential. The company showed the following trial balances for its first year just ended December 31, 2023:

Required
Use the information provided to complete an income statement, statement of changes in equity, and balance sheet.

Analysis Component:
If Extreme Hockey continues to experience losses, what alternatives are available to prevent assets from decreasing?

Transcribed Image Text:

Account Title Cash Accounts receivable Prepaid rent Machinery Accounts payable Notes payable Ryan Roy, capital Ryan Roy, withdrawals Training revenue Wages expense Rent expense Totals Debit Credit $ 18,000 5,200 13,000 57,100 2,000 $ 17,300 47,000 50,000 18,000 29,000 8,000 $132,300 $132,300