Based on the Following Trial Balance for Sally's Salon, Prepare

question 195

Essay

Based on the following trial balance for Sally's Salon, prepare an income statement, statement of owner's equity, and a balance sheet. Sally Crawford made no additional investments in the company during the year.
$\begin{array}{c}\text { Sally's Salon}\\\text { Trial Balance}\\\text { December 31}\\.\begin{array}{|l|l|l|}\hline\text { Cash } &\$6,500 \\\hline \text { Accounts receivable } & 475 \\\hline \text { Beauty supplies } & 2,500 \\\hline \text { Beauty shop equipment } & 17,000 \\\hline \text { Accounts payable } &&\$745 \\\hline \text { S. Crawford, Capital } & &21,155\\\hline \text { S. Crawford, Withdrawals } & 36,000 \\\hline \text { Revenue earned } &&72,000\\\hline\end{array}\end{array}$

$$\begin{array} {| l | l |r | } \hline \text { Beauty supplies expense } & 3,425 & \\\hline \text { Rent expense } & 6,000 & \\\hline \text { Wages expense } & & 22,000 \\\hline \text { Totals } & \$ 93,900 & \$ 93,900 \\\hline\end{array}$$

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