Question: 10. Use the following partial work sheet from Mathews Lanes to prepare the income statement (15 points), statement of owner's equity (5 points) and balance

10. Use the following partial work sheet from Mathews Lanes to prepare the income statement (15 points), statement of owner's equity (5 points) and balance sheet (15 points) (including Headings). The owner did not make any investments in the business this year. (Attach additional pages as needed.) (Total of 35 points)(Chap. 4) MATTHEWS LANES Work Sheet For Year Ended June 30 Balance Sheet and Statement of Owner's Equity Account Income Statement Dr. Cr. Dr Cr. Cash... Office Supplies Prepaid Insurance. Scoring Equipment 11,275 1,750 800 3,400 130,000 Accumulated depreciation- Scoring equipment. ... 21,700 200 50,000 Salaries payable M. Matthews, Capital. Bowling revenue s, Withdrawals 46,425 .. 137,675 Depreciation expense . 10,825 200 1,600 400 350 750 nsurance expense Rent expense Office supplies expense... Repairs expense. Telephone expens. Net income... Totals 121.750 121.750 137,675 137675 193,650 193,650

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