Headlands Russell owns Total Care Services. Prepare an income statement, statement of owner's equity and a balance
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Question:
Headlands Russell owns Total Care Services. Prepare an income statement, statement of owner's equity and a balance sheet for Total Care Services for the month ended, May 31, 2017, using the following accounts in the first month of operations:
Cash$2,540
Accounts Receivable$2,600
Supplies$300
Vehicles$2,600
Equipment$2,800
Accounts Payable$950
S. Russell, Investments$6,300
S. Russell, Drawings$700
Service Revenue$4,420
Fuel Expense$80
Telephone Expense$50
Prepare the income statement for Total Care Services.
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