Floating Speed Boat has completed all its journal entries and adjusting entries for the month of January $2022.$ The adjusted trial balance is shown below. Note: during the month of January, the owner of Floating Speed Boat invested $$7,020$ into the business. This investment is already included in Murray, Capital.

Floating Speed Boat

Adjusted Trial Balance

January $31,2022$

Account Titles DR CR

Cash $ $8,240$

Accounts Receivable $ $7,600$

Prepaid Insurance $ $1,390$

Equipment $ $64,240$

Accumulated Depreciation$-$Equipment $ $1,620$

Accounts Payable $ $9,770$

Interest Payable $ $100$

Unearned Revenue $ $5,170$

Bank Loan $ $15,120$

Murray, Capital $ $48,000$

Murray, Withdrawals $ $1,520$

Service Revenue $ $5,600$

Advertising Expense $ $240$

Depreciation Expense $ $280$

Insurance Expense $ $290$

Interest Expense $ $250$

Rent Expense $ $1,330$

Total $ $85,380$ $ $85,380$

Required

Prepare the income statement, statement of owner's equity, and balance sheet from the adjusted trial balance.

Do not enter dollar signs, negative signs, or commas in the input boxes.

Floating Speed Boat

Income Statement

For the Month Ended January $31,2022$

Revenue

Service Revenue Answer

$5600$

Expenses

Advertising Expense Answer

$240$

Depreciation Expense Answer

$280$

Insurance Expense Answer

$290$

Interest Expense Answer

$250$

Rent Expense Answer

$1330$

Total Expenses Answer

$2390$

Net Income $($Loss$)$ Answer

$3210$

Floating Speed Boat

Statement of Owner's Equity

For the Month Ended January $31,2022$

Murray, Capital at January $1,2022$ Answer

$55020$

Add:

Net Income $($Loss$)$ Answer

$3210$

Additional Investments Answer

$7020$

Total Additions Answer

$10230$

Subtotal Answer

Less: Murray, Withdrawals Answer

$1520$

Murray, Capital at January $31,2022$ Answer

Floating Speed Boat

Balance Sheet

As at January $31,2022$

Assets

Cash Answer

$8240$

Accounts Receivable Answer

$7600$

Prepaid Insurance Answer

$1390$

Equipment Answer

$64240$

Less: Accumulated Depreciation$-$Equipment Answer

$1620$

Net Equipment Answer

Total Assets Answer

$79850$

Liabilities

Accounts Payable Answer

$9770$

Interest Payable Answer

$100$

Unearned Revenue Answer

$5170$

Bank Loan Answer

$15120$

Total Liabilities Answer

$30160$

Owner's Equity

Murray, Capital Answer

Total Liabilities and Owner's Equity Answer