Assume that Marcia Waxman is the sole proprietor of the Write-r-Wrong Company. At the end of the first year of operations (April 30, 2011), the following financial data for the company are available:

Ms. Waxman invested $186,000 in cash to start the business at the beginning of the year, May 1, 2010. She withdrew $27,150 in cash from the business during the year.
Required:
1. Prepare an income statement for the year ended April 30, 2011.
2. Prepare a statement of owner's equity for the year ended April 30, 2011.
3. Prepare a balance sheet at April 30, 2011.

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39,150 27,500 35,000 208,000 47,800 Notes Payable Service Revenue270,000 Supplies Expense Wages Expense Other Expenses $3,500 Cash Accounts Receivable (from customers) Supplies Equipment Accounts Payable (to suppliers) 22,000 138,500 10,000