$3.$ Prepare Income Statement, Statement of Owner$$s Equity and the Balance Sheet for the

year $2023$ from the following Trial Balance:

Canadian Sounds

Trial Balance

Dec $31,2023$

Accounts Dr Cr

Cash $15,000$

Accounts Receivable $36,000$

Supplies $7,500$

Furniture $45,000$

Land $37,500$

Computer Equipment $165,000$

Building $300,000$

Accounts Payable $57,000$

Notes Payable $195,000$

Salaries Payable $22,500$

Owner, Capital $300,000$

Owner, Withdrawals $103,500$

Service Revenue $450,000$

Advertising Expense $48,500$

Courier Expense $7,000$

Insurance Expense $4,500$

Interest Expense $15,000$

Salaries Expense $240,000$

Total $1,024,5001,024,500$

a$.$ Income Statement

Canadian Sounds

Income Statement

For the year ended Dec $31,2023$

REVENUE:

EXPENSES:

Page $3$ of $2$

Total Expenses

NET INCOME

b$.$ Statement of Owner$$s Equity

Canadian Sounds

Statement of Owner$$s Equity

For the year ended Dec $31,2023$

Owner, Capital for January $01,$

$2023$

$0$

Add:

Owner, Capital $($Owner

Investment$)$

Net Income

Less:

Owner, Withdrawals

Owner, Capital for Dec $31,2023$

c$.$ Balance Sheet

Canadian Sounds

Balance Sheet

Dec $31,2023$

ASSETS $($A$)$ LIABILITIES $($L$)$

Total Liabilities

OWNER$$S EQUITY $($OE$)$

Owner, Capital

Total Assets Total of L and OE

Note: You must have Total Assets equal to the total of L and OE$.$