PROBLEM 2 (45 marks): Based on the following trial balance for Smyth's Repair Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Smyth made no additional investments in the company during the year. Smyth's Repair Shop Trial Balance December 31 Cash.. Accounts receivable Supplies.. Repair shop equipment Service truck Accounts payable. Smyth, Capital..... Smyth, Withdrawals.. Service Revenue Supplies expense. Rent expense Utilities expense. Gas expense Wages expense.. Totals....... $ 12,500 1,500 500 27,000 33,000 $ 2,600 39,525 36,000 125,000 3,425 18,000 6,000 7,200 22.000 $167,125 167.125