Ned Turner is a new staff accountant for Sarahs Beauty Supply. He has asked you to review

Ned Turner is a new staff accountant for Sarah’s Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Turner made (he did not prepare a statement of owner’s equity). Prepare a corrected income statement and balance sheet, as well as a statement of owner’s equity, for Sarah’s BeautySupply.

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Sarah's Beauty Supply Income Statement April 30, 2018 Revenue Fees Income 36 600 00 Expenses Salaries Expense Rent Expense Repair Expense Utilities Expense Drawing 80000 0o0o 0101 001 Total Expenses Net Income 177 00 00 21 400 00 Sarah's Beauty Supply Balance Sheet Month Ended April 30, 2016 Assets Liabilties Land Building Cosh Accounts Payable Total Assets 120 00Accounts Receivable 40000 00 15 000 00 Owner's Equity 5000 00 Sarah Davis, Capital April 1, 2016 56 200 001 Total Liabilities and Owner's Equity 56 2