Income Statement

On November 1, 2020, Jean Higgins started a wedding planning company, Extraordinary Studios. On November 30, 2020, the companys records showed the following items.

Cash	$	16,000
Accounts receivable		17,000
Office supplies		5,000
Automobiles		36,000
Office equipment		25,250
Accounts payable		7,500
Owners investments		84,000
Owners withdrawals		3,360
Wedding consulting revenue		22,000
Rent expense		2,550
Salaries expense		6,000
Telephone expense		1,680
Utilities expenses		660

Required 25% each:

• Use the above information to prepare a November income statement for the business
• Prepare a November statement of changes in equity for Extraordinary Studios.
• Use the above information prepare a November 30 balance sheet for Extraordinary Studios.
• What can you say about Jean Higgins companys financial status?