Financial Statements Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. The trial balance and analysis of the change in owner's equity for the month of May are shown. Kohl's Home Repair Trial Balance May 31, 20- Account Debit Credit Balance Balance Cash 16,980 Accounts Receivable 2,500 Office Supplies 100 Prepaid Insurance 1,200 Equipment 8,000 Van 7,000 Accounts Payable 4,500 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 3,000 Service Fees 10,800 Rent Expense 800 Assignment/take Assignment Main.do?invoker=&take otsessionLocator=&inprogressetalse Rent Expense 800 Wages Expense 500 Phone Expense 100 Gas and Oil Expense 120 Totals 40,300 40,300 Change in owner's equity: $25,000 Wilhelm Kohl's original investment in the business + Net income for the month $9,280 - Owner's drawing 3,000 Increase (decrease) in capital 6,280 Ending owner's equity $31,280 Required: 1. Prepare an income statement for Kohl's Home Repair for the month ended May 31, 20-- Kohl's Home Repair Income Statement For Month Ended May 31, 20-- 1. Prepare an income statement for Kohl's Home Repair for the month ended May 31, 20--. Kohl's Home Repair Income Statement For Month Ended May 31, 20-- Total expenses 2. Prepare a statement of owner's equity for Kohl's Home Repair for the month ended May 31, 20- Kohl's Home Repair Statement of Owner's Equity For Month Ended May 31, 20- Total investment 200 Total investment 3. Prepare a balance sheet for Kohl's Home Repair as of May 31, 20--. Kohl's Home Repair Balance Sheet May 31, 20 Assets Liabilities Owner's Equity 3 3. Prepare a balance sheet for Kohl's Home Repair as of May 31, 20-- Kohl's Home Repair Balance Sheet May 31, 20 Assets Liabilities Owner's Equity Total assets $ Total liabilities & owner's equity