4 (6 Marks) Case 1 (4 Marks) Based on the following trial balance for Smyth's Repair Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Smyth made no additional investments in the company during the year. Smyth's Repair Shop Trial Balance December 31 Cash...... Accounts receivable. Supplies............. Repair shop equipment Service truck..... Accounts payable.. Smyth, Capital.... $ 12,500 1,500 500 27,000 33,000 $ 2,600 39,525 Smyth, Withdrawals.. 36,000 Service Revenue... 125,000 Supplies expense.. 3,425 Rent expense 18,000 Utilities expense. Gas expense Wages expense.. Totals.......... Answer $167,125 167,125 6,000 7,200 22,000 Case 2 (2 Marks) Prepare closing entries