Guy McKinley started the McKinley Charter Service at the beginning of August 20X1. On August 31, 20x1, the accounting records of the business showed the following information. Equipment Accounts Receivable Peon Income Boats Gasoline Expense Loans Payable Owners' Withdrawal $ 21,500 3,300 31,750 106,500 8,300 81,000 3,200 Rent Expensie Cash salaries Expense Utilities Expense Supplies Initial Investment Accounts Payable $ 5,600 6.700 11,500 2,250 4,300 54,500 5,900 Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 20X1. Complete this question by entering your answers in the tabs below. Income Statement Stmnt of Owners Eqty Balance Sheet Prepare a statement of owner's equity for the month of August 31, 20X1. MCKINLEY CHARTER SERVICE Statement of Owner's Equity Month Ended August 31, 20X1 Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 20X1. Complete this question by entering your answers in the tabs below. Income Stmt of Statement owners Eqty Balance Sheet Prepare an income statement for the month of August 31, 20X1. MCKINLEY CHARTER SERVICE Income Statement Month Ended August 31, 20X1 Revenue Fees Income S 31,750 Expenses Rent expense $ 5,600 Gasoline expense 8,300 Salaries expense 11,500 Uuties expense 2,250 Total expenses Net Income 27.650 4.100 $ Complete this question by entering your answers in the tabs below. Income Statement owners Eqty Balance Sheet Stmt of Prepare a statement of owner's equity for the month of August 31, 20x1. $ 54,500 MCKINLEY CHARTER SERVICE Statement of Owner's Equity Month Ended August 31, 20X1 Guy McKinley, Capital, August 1, 20X1 Net income for August Less: Withdrawals for August increase in capital Guy McKinley, Capital, August 31, 20X1 4,100 3.200 900 $ 55,400 Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 11 Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eqty Balance Sheet Prepare a balance sheet for August 31, 20X1. MCKINLEY CHARTER SERVICE Balance Sheet August 31, 20X1 Assets Liabilities Cash 6.700 Accounts payable Accounts receivable 3,300 Bonts 106,500 Owner's Equity Guy McKinley, Capital 5,900 54,500 Total Assets $ 116.500 Total Liabilities and Owner's Equity $ 60,400