Based on the following trial balance for Smyth's Repair Shop, prepare a income statement, statement of owner's equity, and a balance sheet. Smyth made no additional investments in the company during the year. Smyth's Repair Shop Trial Balance December 31

Cash .................................................................................... $ 12,500

Accounts receivable ............................................................ 1,500

Supplies................................................................................ 500

Repair shop equipment ....................................................... 27,000

Service truck ........................................................................ 33,000

Accounts payable ............................................................... $ 2,600

Smyth, Capital .................................................................... 39,525

Smyth, Withdrawals ........................................................... 36,000

Service Revenue ................................................................. 125,000

Supplies expense ................................................................. 3,425

Rent expense ....................................................................... 18,000

Utilities expense .................................................................. 6,000

Gas expense ........................................................................ 7,200

Wages expense ................................................................... 22,000

Totals ................................................................................... $167,125 167,125