(b) Prepare an income statement lof thie i (e) Prepare a balance sheet at May 31,2010 Donatello Raphael Michelangelo Company Company Company Compa stutement P1-58 e owner Leonarda Financial statement information about four different companies is as follows January 1,2010 $150,000 Assets Liabilities Owner's equity 80,000$90,000 48,000 6) 90,000 49,000 180,000 70,000 10,000 40,00080,000 S December 31,2010 Assets Liabilities Owner's equity 6000 () 2,000 72,000 100,000 145,000 Owner's equity changes in year Additional investment Drawings Total revenues Total expenses 8,000 15,000 350,000 333,000 15,000 10,000 350,000 500,000 Liabilities - 410,000 385,000 Instructions ng amounts. (Hint: For example, to solve for (a), Assets- Owner's equity $32,000.) - and balance sheet. the oite a memorshp of the owner's equity statement to the income statement nt for Donatello explaining the sequence for preparing financial state- Write a memorandu (c) m ments and the interelationship of the owner's equity ctnce :SET C Visit the book's companion website at www