French Taylor is a new staff accountant for Fashion House Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Taylor made (he did not prepare a statement of owner’s equity). Prepare a corrected income statement and balance sheet, as well as a statement of owner’s equity, for Fashion House Beauty Supply.

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Revenue Fees Income Expenses Salaries Expense Rent Expense Repair Expense Utilities Expense Drawing Total Expenses Net Income Fashion House Beauty Supply Income Statement April 30, 20X1 10800 00 3200 00 9 10 00 1820 00 5200 00 42800 00 21030 00 26 470 00