Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austin invested $8,000 in the business.

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	59500	55,000	55,000

Required:

Based on the above end-of-year spreadsheet, prepare an income statement, statement of owners equity, and balance sheet for Austin Enterprises for the year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. You will not need to enter colons (: ) on the financial statements. Be sure to complete the statement heading.

Labels and Amount Descriptions

Labels
Current Assets
Current Liabilities
December 31
Expenses
For the Year Ended December 31
Property, Plant, and Equipment
Amount Descriptions
Daniel Austin, capital, January 1
Daniel Austin, capital, December 31
Decrease in owners equity
Increase in owners equity
Investment during the year
Net income
Net income for the year
Net loss
Net loss for the year
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Withdrawals

Income Statement

Prepare an income statement for Austin Enterprises for the year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. You will not need to enter colons (: ) on the income statement. Be sure to complete the statement heading.

Austin Enterprises

Income Statement

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Statement of Owners Equity

Prepare a statement of owners equity for Austin Enterprises for the year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Be sure to complete the statement heading.

Austin Enterprises

Statement of Owners Equity

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Balance Sheet

Prepare balance sheet for Austin Enterprises for the year ended December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. You will not need to enter colons (: ) on the balance sheet. Be sure to complete the statement heading.

Austin Enterprises

Balance Sheet

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12	Liabilities
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17	Owners equity
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