Based on the Following Trial Balance for Barry's Automotive Shop

question 173

Essay

Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Barry made no additional investments in the company during the year.
Barry's Automotive Shop Trial Balance December 31
$\begin{array}{|l|c|c|}\hline \text { Cash } & \$ 12,500 \\\hline \text { Accounts receivable } & 1,500 \\\hline \text { Supplies } & 500 \\\hline \text { Repair shop equipment } & 27,000 \\\hline \text { Service truck } & 33,000 \\\hline \text { Accounts payable } &&\$2,600 \\\hline \text { Barry, Capita } &135&38,525 \\\hline\end{array}$ $$\begin{array} { |l | r | r |} \hline \text { Barry. Capital } & & 38,525 \\\hline \text { Barry. Withdrawals } & 36,000 & \\\hline \text { Service revenue } & & 125,000 \\\hline \text { Supplies expense } & 3,425 & \\\hline \text { Rent expense } & 18,000 & \\\hline \text { Udilities expense } & 5,000 & \\\hline \text { Gas expense } & 7,200 & \\\hline \text { Wages expense } & 22,000 & \\\hline \text { Totals } & \$ 166,125 & \$ 166,125 \\\hline\end{array}$$