Blue Water Kayak began operations on January 1 2019. The owner invested $27.000 during the first year and was able to withdraw cash of $67,500 after a successful first year During 2020, the second year of operations, the business reported profit of 192.000, owner withdrawals of $86,500, and no owner investments. In 2021, the third year, Blue Water Kayak incurred a loss of $6,700. The owner made no withdrawals and no owner investments during this period. At the end of 2021, owner's capital was $137.000. Required: Calculate the profit or loss for 2019 On August 1, 2019. Cross Fitness entered its second year of operations. Cross Fitness provides high-performance group and personal training courses that have been derived from scientific research and exercises used by professional athletes. On July 31, 2020, Jay Grey, the owner, finalized the company's records, which showed the following items Accounts payable Accounts receivable Jay Grey, capital, July 31, 2019 Jay Grey, withdrawals Cash Furniture Interest expense Notes payable Workout equipment Prepaid rent Rent expense Personal training revenue Group training revenue Supplies Supplies expense utilities expense wages expense $ 12,300 71.000 82,200 60,500 8,500 16,100 5,000 49,000 22,100 6.900 28,500 3,300 174,500 5,300 18.500 12,700 70.900 *Hint: The ending capital balance for one period is the beginning capital balance for the next period. There were no owner Investments during the year ended July 31 2020, Required: 6. Prepare an income statement for the year ended July 31, 2020 The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019. Cash Accounts receivable office supplies Trucks office equipment Land Building Accounts payable Notes payable December 31 2020 2919 $ 10,575 $ 27,450 11,975 15,050 2,050 2,650 35,000 35,000 81,500 77,000 30,500 98,000 19,950 4,150 60,500 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occuples cost $128,500. The business paid $68,000 in cash and a note payable was signed for the balance LeClaire had to invest $18,300 cash in the business to enable it to pay the $68,000. The business earned a profit during 2020, which enabled LeClaire to withdraw $2,300 per month from the business for personal expenses