Refer to the transactions in E3€“ 8 (including the example), and prepare a statement of earnings for Peter€™s Bowling Inc. for the month of October 2014. Use an income tax rate of 40 percent.

In exercise

Statement of Financial Position Statement of Earnings Shareholders Equity Net Transaction AssetsLiabilities Revenues Expenses Earnings (a) Peter's collected $13,000 from customers for games played in October +13.000 +13,000 +13,000 +13,000 (b) Peter's sold $7000 in bowling equipment inventory; received $3,000 in cash and the rest on (c) Peters received $2,500 from customers on account (d) The bowling leagues gave Peter's a deposit of (e) Peter's paid $1,900 for the September electricity account; cost of sales is $4,200 who purchased merchandise in September $2,600 for the upcoming fall season. bill and reeived the October bill for $2,200 to be paid in November, (f) Peter's paid $4,700 to employees for work in (g) Peter's purchased $1,800 in insurance for (h) Peter's paid $1.400 to plumbers for repairing a October coverage from October 1 to December 31. broken pipe in the washrooms.