Extreme Hockey trains top-level hockey players with on-ice and off-ice programs. Extreme Hockey aims toevery hockey player?s full potential. The company showed the following trial balances for its first year just ended December 31, 2020:

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?

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