Prepare an income statement and statement of owner's equity (month ended Mar,31 1995)
Auto remair fee earned 37,300
Salaries Expense 11500
Repair parts Expense 7400
Paint Expense 6300
Insurance Expense 4700
Utilities Expense 1570
Required:
Prepare an income statement for the month ended Mar 31 1995.
Assume that on Mar, 1, 1995, company had a balance of 6250 in his capital amount and that on Mar 10 he invested another 1500. Further more on Mar 23, 500 were withdrew from business. Prepare an income statement of Owner's Equity.