Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austin invested $8,000 in the business. Based on the following end of year spreadsheet:

1. Prepare an income statement for the year ended December 31.

2. Prepare the statement of owner's equity for the year ended December 31.

Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31
	Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	26,500				26,500
Accounts Receivable	7,000				7,000
Supplies	1,000				1,000
Equipment	18,500				18,500
Accumulated Depr.Equip.		5,000				5,000
Accounts Payable		11,000				11,000
Wages Payable		1,000				1,000
Daniel Austin, Capital		8,000				8,000
Daniel Austin, Drawing	2,000				2,000
Fees Earned		59,500		59,500
Wages Expense	19,000		19,000
Rent Expense	7,000		7,000
Depreciation Expense	3,500		3,500
Totals	84,500	84,500	29,500	59,500	55,000	25,000
Net Income (Loss)			30,000			30,000
			59,500	59,500	55,000	55,000