After researching the different forms of business organization. Natalie Koebel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running in November 2022 Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following Adjusted Trial Balance.

Using the information in the Adjusted Trial Balance , do the following.

1. 

1a. Prepare an Income Statement for the 2 months ended December 31, 2022.

1b. Prepare and Owners Equity Statement for the 2 months ended December 31, 2022. (List items that increase Owners Equity first.)

\begin{tabular}{|c|c|c|} \hline COOKIECREATIOIAdjustedTrialBalaDecember31,20 & & \\ \hline & Debit & Credit \\ \hline Cash & $1,380 & \\ \hline Accounts Receivable & 775 & \\ \hline Supplies & 500 & \\ \hline Prepaid Insurance & 1,210 & \\ \hline Equipment & 1,100 & \\ \hline Accumulated Depreciation-Equipment & & $60 \\ \hline Accounts Payable & & 375 \\ \hline Salaries and Wages Payable & & 71 \\ \hline Notes Payable & & 2,000 \\ \hline Owner's Capital & & 800 \\ \hline Owner's Drawings & 700 & \\ \hline Service Revenue & & 5,130 \\ \hline Advertising Expense & 215 & \\ \hline Supplies Expense & 1,025 & \\ \hline Depreciation Expense & 60 & \\ \hline Insurance Expense & 140 & \\ \hline Salaries and Wages Expense & 1,206 & \\ \hline \multirow[t]{2}{*}{ Utilities Expense } & 125 & \\ \hline & $8,436 & $8,436 \\ \hline \end{tabular}