Below are the financial accounts of Metro Labs. The company has just completed its third year

of operations ended November $30,2011.$

Accounts Payable $ $7,400$

Accounts Receivable $51,900$

Cash $115,750$

Design Service Revenue $300,000$

Marketing Expense $19,700$

Office Rent Expense $50,000$

Owner$$s Capital, November $30,2010($beginning of the period$)70,400$

Salaries Expense $96,000$

Salaries Payable $2,700$

Supplies $800$

Supplies Expense $6,350$

Withdrawals $40,000$

Required

$1.$ Prepare the income statement, statement of owner$$s equity, and balance sheet for Metro Labs.

There were no investments by the owner during the year