Question: Page 205 shows a work sheet for Megaffin's Repairs. No additional investments were made by the owner during the month. REQUIRED 1. Prepare an income

Page 205 shows a work sheet for Megaffin's Repairs. No additional investments were made by the owner during the month.

REQUIRED
1. Prepare an income statement.
2. Prepare a statement of owner's equity.
3. Prepare a balance sheet.

Megaffin's Repairs Work Sheot For Month Ended January 31, 2 COMESTATENLNT ACCOUNTTITLE DEBT 367300 14 5 000 CAEDE DEIE DEBr CREE CSD CREDE Cash 2 Acounts Reehable 3Supplos 4 Prepad In sunce SDdvey Equipment 6Acum.Dep-Deltvery Equpment 7 Accnt Payable 3673 00 145000 300 00 4 00 00 3 000 70 00 3200 00 3673 14 50 40000 670 3200 3 2 0 000 5 5 00 6 1 200 007 4000011 8 00000 9 5 5 00 1200 00 200 00 Wages Pay ble 9 Don Magaffn, Capal 800000 DonMegan,Drawng 11 Repair Fee 12 WagesExperse 110000 1 001 001 700 00 4 700 00 175 00 200 00 40000 2150 00 13 6 4000 15 Supplies Experse 16 TdephoneExpense 17 rarace sere 18 Gas and OIEpa se 19 Dopt.Exerce-Delivey Egssment 20 Msodaneos Expense 21 22 Net inc onme 300 00 30 00 55 00 3 0000 50 00 23000 200 00 5500 30 00 200 00 55 00 7.00 17 20:0 00 19 3 900 100 0098500 8500 14 3 55 00 4 835 00 38200 0000 10930955 00 21 13 900 0 13 90000 70000 104930096 5500 2 8 3800 4700 00 4 70 0 10493 00 10 49.3 00 23 24 25 26 27 24 25 27 30

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