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

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
$\begin{array}{|l|c|c|}\hline \text { Cash } & \$ 12,500 \\\hline \text { Accounts receivable } & 1,500 \\\hline \text { Supplies } & 500 \\\hline \text { Repair shop equipment } & 27,000 \\\hline \text { Service truck } & 33,000 \\\hline \text { Accounts payable } &&\$2,600 \\\hline \text { Barry, Capita } &135&38,525 \\\hline\end{array}$ $$\begin{array} { |l | r | r |} \hline \text { Barry. Capital } & & 38,525 \\\hline \text { Barry. Withdrawals } & 36,000 & \\\hline \text { Service revenue } & & 125,000 \\\hline \text { Supplies expense } & 3,425 & \\\hline \text { Rent expense } & 18,000 & \\\hline \text { Udilities expense } & 5,000 & \\\hline \text { Gas expense } & 7,200 & \\\hline \text { Wages expense } & 22,000 & \\\hline \text { Totals } & \$ 166,125 & \$ 166,125 \\\hline\end{array}$$