Using the completed adjusted trial balance columns from Exercise 3-17, prepare an income statement, a statement of changes in equity, and a balance sheet for the year ended February 28, 2020. Assume that the owner made no investments during the year.

Analysis Component: Which GAAP requires the preparation of financial statements?

Exercise 3-17

Additional information:

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Nuna Music Trial Balances.xlsx Home Insert Page Layour Formulas Dara Review View P18 Nuna Music Trial Balances February 28, 2020 Unadjusted 4 Adjusted Trial Balance Adjustments Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. 7 Cash $ 14,000 8 Accounts receivable 32,000 9 Prepaid insurance 10 Equipment 11 Accumulated depreciation, equipment 12 Accounts payable 13 Abraham Nuna, capital 14 Abraham Nuna, withdrawals 15 Revenues 16,800 102,000 $ 23,000 19,000 213,000 102,000 214,000 16 Depreciation expense, equipment 17 Salaries expense -0 187,700 18 Insurance expense 14,500 19 Totals $ 469,000 $ 469,000