The following is the trial balance prepared for Owen’s Art Supplies.

Instructions

a. Prepare an income statement for the year ended December 31, 2024.

b. Prepare a statement of owner’s equity for the year ended December 31, 2024.

c. Prepare a balance sheet at December 31, 2024.

Taking It Further

Discuss how well the company performed.

Transcribed Image Text:

OWEN'S ART SUPPLIES Trial Balance December 31, 2024 Cash Accounts receivable Supplies Equipment Accounts payable Unearned revenue O. Leduc, capital O. Leduc, drawings Service revenue Rent expense Salaries expense Supplies expense Debit $ 2,550 3,310 1,830 21,000 10,300 6,000 6,300 1,280 $52,570 Credit $ 3,420 4,660 17,890 26,600 $52,570