Exercise 2.7 Financial Statements The following account balances are for William Giese, Certified Public Accountant, as of April 30, 2019.

Cash $60,000 Accounts Receivable 24,000 Maintenance Expense 9,200 Advertising Expense 7,780 Fees Earned 53,600 William Giese, Capital, April 1 ?

Salaries Expense 26,000 Machinery 42,000 Accounts Payable 26,400 William Giese, Withdrawals for April 13,600 INSTRUCTIONS Using the accounting equation form, determine the balance for William Giese, Capital, April 1, 2019. Prepare an income statement for the month of April, a statement of owner’s equity, and a balance sheet as of April 30, 2019. List the expenses on the income statement in alphabetical order.

Analyze: What net change in owner’s equity occurred during the month of April?