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Prepare the income statement and statement of owner equity

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Reference no: EM132770873

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)

Problem 1: Prepare the income statement, statement of owner's equity, and balance sheet.

Reference no: EM132770873

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