1. Prepare an income statement. 2. Prepare a statement of owner's equity Prepare a balance sheet. work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month. Megaffin's Repairs Work Sheet For Month Ended January 31, 20 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 3,671 3,671 1,460 385 3,671 1.460 385 590 Accounts Receivable Supplies 695 910 3,215 310 Prepaid Insurance 220 Delivery Equipment 3,215 Accumulated Depreciation - Delivery Equipment Accounts Paya Wages Payable Don Megaffn, Capital 54 54 1,185 408 1.185 408 8,055 Don Megaffn, Drawing 1,112 k saved Trial Balance AdjustmentsAdjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Accounts Receivable Supplies Prepaid Insurance 3,671 1,460 695 910 3,215 3,671 1,460 385 690 3,215 3,671 1,460 385 690 310 220 Delivery Equipment Accumulated Depreciation - Delivery Equipment Accounts Payable Wages Payable Don Megaffn, Capital 3,215 54 54 1,185 408 8,055 1,185 408 408 8,055 8,055 Don Megaffn, Drawing 1,112 1,112 1,112 Repair Fees 4,704 4,704 Nages Expense Advertising Expense 1,755 195 632 408 2,163 195 632 2.163 195 632 31 Rent Expense Supplies Expense Phone Expense Insurance Expense 310 53 53 220 206 220 220 Gas and Oil Expense Depreciation Expense - Delivery Equipment Miscellaneous Expense Don Megaffn, Capital 8,055 8,055 Don Megaffn, Drawing Repair Fees Wages Expense Advertising Expense Rent Expense 1,112 1,112 1,112 4,704 4,704 4,704 408 2,163 195 632 310 53 220 206 54 40 2,163 195 195 632 310 53 632 Supplies Expense Phone Expense Insurance Expense 310 53 220 220 Gas and Oil Expense Depreciation Expense Delivery Equipment Miscellaneous Expense 206 206 54 13,944 13,944 992 992 14,406 4,406 3,873 831 4,704 4,704 10,533 9,702 Net Income 4.704 10,53310 income Statement 1. Prepare an income statement Balance Sheet January 31, 20-- Assets Current assets: Total current assets