At the beginning of the summer, Humphrey Nelson was looking for a way to earn money...

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At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started. Humphrey used $6.200 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers and various lawn care tools for $2.000, and paid $3,600 for a second-hand truck to transport the mowers. Several of his neighbors hired him to cut their grass on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $5,000 in cash and owed him another $2.500. Humphrey also cut grass on an as-needed basis for other neighbors, who paid him $4,200. During the summer, Humphrey spent $900 for gasoline for the truck and mowers. He paid $4,100 to a friend who helped him on several occasions. An advertisement in the local paper cost $900. Now, at the end of the summer. Humphrey is concerned because he has only $3,900 left in his checking account. He says, "I worked hard all summer and have only $3.900 to show for it. It would have been better to leave the money in the bank." Required: Prepare an income statement, a statement of owner's equity (for the three month period ended August 31, 20X1), and a balance sheet (dated August 31, 20X1) for Elegant Lawn Care. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty Balance Sheet Prepare an income statement (for the three month period ended August 31, 20x1) for Elegant Lawn Care. ELEGANT LAWN CARE Income Statement Three Months Ended August 31, 20X1 Revenue Expenses S 900 4.100 900 5.900 5.800 Total expenses S 5.000 2.500 $ 17.600 (10,100) Stmt of Owners Eqty > Prepare a statement of owner's equity (for the three month period ended August 31, 20x1) for Elegant Lawn Care. ELEGANT LAWN CARE Statement of Owner's Equity Three Months Ended August 31, 20X1 Cash $ 0 ELEGANT LAWN CARE Balance Sheet August 31, 20X1 Assets Liabilities Cash Equipment and tools S 3.900 Accounts receivable 2,000 Accounts receivable 3,800 Owner's Equity Total Assets Humphrey Nelson, Capital $ 2.500 2,500 12.000 S 9.500 Total Liabilities & Owner's Equity $ 17,000 At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started. Humphrey used $6.200 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers and various lawn care tools for $2.000, and paid $3,600 for a second-hand truck to transport the mowers. Several of his neighbors hired him to cut their grass on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $5,000 in cash and owed him another $2.500. Humphrey also cut grass on an as-needed basis for other neighbors, who paid him $4,200. During the summer, Humphrey spent $900 for gasoline for the truck and mowers. He paid $4,100 to a friend who helped him on several occasions. An advertisement in the local paper cost $900. Now, at the end of the summer. Humphrey is concerned because he has only $3,900 left in his checking account. He says, "I worked hard all summer and have only $3.900 to show for it. It would have been better to leave the money in the bank." Required: Prepare an income statement, a statement of owner's equity (for the three month period ended August 31, 20X1), and a balance sheet (dated August 31, 20X1) for Elegant Lawn Care. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty Balance Sheet Prepare an income statement (for the three month period ended August 31, 20x1) for Elegant Lawn Care. ELEGANT LAWN CARE Income Statement Three Months Ended August 31, 20X1 Revenue Expenses S 900 4.100 900 5.900 5.800 Total expenses S 5.000 2.500 $ 17.600 (10,100) Stmt of Owners Eqty > Prepare a statement of owner's equity (for the three month period ended August 31, 20x1) for Elegant Lawn Care. ELEGANT LAWN CARE Statement of Owner's Equity Three Months Ended August 31, 20X1 Cash $ 0 ELEGANT LAWN CARE Balance Sheet August 31, 20X1 Assets Liabilities Cash Equipment and tools S 3.900 Accounts receivable 2,000 Accounts receivable 3,800 Owner's Equity Total Assets Humphrey Nelson, Capital $ 2.500 2,500 12.000 S 9.500 Total Liabilities & Owner's Equity $ 17,000