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Prepare income statement and statement of owner equity

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Question - Feather Light Travelling Trains has completed all of its journal entries and adjusting entries for the month of December 2019. The adjusted trial balance is shown below. Note: during the month of December, the owner of Feather Light Travelling Trains invested $7,800 into the business.

Feather Light Travelling Trains

Adjusted Trial Balance

December 31, 2019Account Titles

Cash $8,240(DR)

Accounts Receivable $7,650(DR)

Prepaid Insurance $1,990(DR)

Equipment $64,330(DR)

Accumulated Depreciation-Equipment $1,810(CR)

Accounts Payable $9,420(CR)

Interest Payable $100(CR)

Unearned Revenue $5,170(CR)

Bank Loan $15,560(CR)

Murray, Capital $49,340(CR)

Murray, Withdrawals $1,720(DR)

Service Revenue $5,460(CR)

Advertising Expense $330(DR)

Depreciation Expense $290(DR)

Insurance Expense $270(DR)

Interest Expense $500(DR)

Rent Expense $1,540(DR)

Total $86,860(DR) $86,860(CR)

Required - Prepare the income statement, statement of owner's equity, and balance sheet.

Reference no: EM132777684

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