At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started, Humphrey used $6,400 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers and various lawn care tools for $2,000, and paid $3,600 for a second-hand truck to transport the mowers. Several of his neighbors hired him to cut their grass on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $5,200 in cash and owed him another $2,600. Humphrey also cut grass on an as-needed basis for other neighbors, who paid him $4,400. During the summer, Humphrey spent $1,000 for gasoline for the truck and mowers. He paid $4,200 to a friend who helped him on several occasions. An advertisement in the local paper cost $1,000. Now, at the end of the summer, Humphrey is concerned because he has only $4,200 left in his checking account. He says. "I worked hard all summer and have only $4,200 to show for it. It would have been better to leave the money in the bank." Required: Prepare an income statement, a statement of owner's equity for the three month period ended August 31, 20X1), and a balance sheet (dated August 31, 20x1) for Elegant Lawn Care. Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eaty Balance Sheet Prepare an income statement (for the three month period ended August 31, 20X1) for Elegant Lawn Care. ELEGANT LAWN CARE Income Statement Three Months Ended August 31, 20X1 Revenue Expenses Total expenses 0 0 Complete this question by entering your answers in the tabs below. Owners Eaty Balance Sheet Income Stmt of Statement Prepare a statement of owner's equity (for the three month period ended August 31, 20x1) for Elegant Lawn Care. ELEGANT LAWN CARE Statement of Owner's Equity Three Months Ended August 31, 20X1 $ 0 Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty Balance Sheet Prepare a balance sheet for Elegant Lawn Care, month of August 31, 20X1. ELEGANT LAWN CARE Balance Sheet August 31, 20X1 Assets Liabilities Owner's Equity Total Assets $ 0 Total Liabilities & Owner's Equity $ 0