Guy McKinley started the McKinley Charter Service at the beginning of August 20X1. On August 31,...

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Guy McKinley started the McKinley Charter Service at the beginning of August 20X1. On August 31, 20X1, the accounting records of the business showed the following information. Equipment $ 22,000 Accounts Receivable 3,400 Rent Expense Cash $ 5,700 6,800 Fees Income 32,000 Salaries Expense 11,600 Boats 107,000 Utilities Expense 2,300 Gasoline Expense 8,400 Supplies 4,400 Loans Payable Owners' Withdrawal 81,500 3,250 Initial Investment Accounts Payable 55,000 6,350 Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 20X1. 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 month of August 31, 20X1. MCKINLEY CHARTER SERVICE Income Statement Month Ended August 31, 20X1 Revenue: Expenses: Total expenses Guy McKinley started the McKinley Charter Service at the beginning of August 20X1. On August 31, 20X1, the accounting records of the business showed the following information. Equipment $ 22,000 Accounts Receivable 3,400 Rent Expense Cash $ 5,700 6,800 Fees Income 32,000 Salaries Expense 11,600 Boats 107,000 Utilities Expense 2,300 Gasoline Expense 8,400 Supplies 4,400 Loans Payable Owners' Withdrawal 81,500 3,250 Initial Investment Accounts Payable 55,000 6,350 Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 20X1. 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 month of August 31, 20X1. MCKINLEY CHARTER SERVICE Income Statement Month Ended August 31, 20X1 Revenue: Expenses: Total expenses