Based on the following trial balance for Andrew's Automotive Shop, prepare an income statement, statement of...

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Based on the following trial balance for Andrew's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Andrew made no additional investments in the company during the year. Andrew's Automotive Shop Trial Balance December 31 Debit Credit $ 12,500 Cash Accounts receivable 1,500 500 Supplies Repair shop equipment 27,000 Service truck 33,000 Accounts payable $ 2,600 Barry, Capital 38,525 Barry, Withdrawals 36,000 Service revenue 125,000 3,425 18,000 Supplies expense Rent expense Utilities expense Gas expense Wages expense 5,000 7,200 22,000 Totals $ 166,125 $166,125 Based on the following trial balance for Andrew's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Andrew made no additional investments in the company during the year. Andrew's Automotive Shop Trial Balance December 31 Debit Credit $ 12,500 Cash Accounts receivable 1,500 500 Supplies Repair shop equipment 27,000 Service truck 33,000 Accounts payable $ 2,600 Barry, Capital 38,525 Barry, Withdrawals 36,000 Service revenue 125,000 3,425 18,000 Supplies expense Rent expense Utilities expense Gas expense Wages expense 5,000 7,200 22,000 Totals $ 166,125 $166,125

Answer rating: 100% (QA)

Prepare income statement for the year ended December 31 as follows Andrews Automotive Shop Income St... View the full answer