French Taylor is a new staff accountant for Fashion House Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Taylor made (he did not prepare a statement of owner's equity). FASHION HOUSE BEAUTY SUPPLY Income Statement April 30, 20X1 Revenue Fees income $37,660 Expenses Salaries expense $9,070 Rent expense 3,140 Repair expense 900 Utilities expense 1,860 Drawing 4,730 Total expenses 19,700 Net income $23,560 $ 16,510 Assets Land Building Cash Accounts payable Total Assets FASHION HOUSE BEAUTY SUPPLY Balance Sheet Month Ended April 30, 20X1 Liabilities $ 24,750 Accounts receivable 42,420 14,620 Owner's Equity 7,140 French Taylor, Capital, April 1, 20X1 $66,480 Total Liabilities and Owner's Equity 73,200 $ 89,710 noured Required: Prepare a corrected income statement and balance sheet, as well as a statement of owner's equity, for Fashion House Beauty Supply Complete this question by entering your answers in the tabs below. Income Stmt of Balance Sheet Statement Owners Eqty Prepare a corrected Income statement for Fashion House Beauty Supply FASHION HOUSE BEAUTY SUPPLY Income Statement Revenue Expenses Total expenses Required: Prepare a corrected income statement and balance sheet, as well as a statement of owner's equity, for Fashion House Beauty Supply Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty Balance Sheet Prepare a statement of owner's equity for Fashion House Beauty Supply. FASHION HOUSE BEAUTY SUPPLY Statement of Owner's Equity Balance Sheet > Income Statement Required: Prepare a corrected income statement and balance sheet, as well as a statement of owner's equity, for Fashion House Beauty Supply Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eqty Balance Sheet Prepare a corrected balance sheet for Fashion House Beauty Supply, FASHION HOUSE BEAUTY SUPPLY Balance Sheet Liabilities Assets Owner's Equity Total Liabilities and Owner's Equity Total Assets