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 owners equity).

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 $46, 220 Expenses Salaries expense $9,400 Rent expense 3,330 Repair expense 930 Utilities expense 1,670 Drawing 4,580 Total expenses 19,910 Net income $31,910 FASHION HOUSE BEAUTY SUPPLY Balance Sheet Month Ended April 30, 20X1 Liabilities $ 21,750 Accounts receivable 43,680 17,510 Owner's Equity 5,920 French Taylor, Capital, April 1, 20X1 $ 64,880 Total Liabilities and Owner's Equity Assets Land Building Cash Accounts payable Total Assets $ 14,010 64,720 $78,730 Required: Prepare a corrected income statement and balance sheet, as well as a statement of owner's equity, for Fashion House Beauty Supply