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

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.
$\begin{array}{c}\text { Sally's Salon}\\\text { Trial Balance}\\\text { December 31}\\.\begin{array}{|l|l|l|}\hline\text { Cash } &\$6,500 \\\hline \text { Accounts receivable } & 475 \\\hline \text { Beauty supplies } & 2,500 \\\hline \text { Beauty shop equipment } & 17,000 \\\hline \text { Accounts payable } &&\$745 \\\hline \text { S. Crawford, Capital } & &21,155\\\hline \text { S. Crawford, Withdrawals } & 36,000 \\\hline \text { Revenue earned } &&72,000\\\hline\end{array}\end{array}$

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