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Question - Headlands Russell owns Total Care Services. Prepare an income statement, statement of owner's equity and a balance sheet for Total Care Services for the month ended, May 31, 2017, using the following accounts in the first month of operations:
Cash $2,540
Accounts Receivable $2,600
Supplies $300
Vehicles $2,600
Equipment $2,800
Accounts Payable $950
S. Russell, Investments $6,300
S. Russell, Drawings $700
Service Revenue $4,420
Fuel Expense $80
Telephone Expense $50
Required - Prepare the income statement for Total Care Services.
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