Part 1, income statement

part 2, statement of owner's equity

part3, balance sheet

part 4, Analyze the financial statement

part 5, prepare closing entries

Accounts payable		6,300
Accounts Receivable	9,000
Accumulated Depreciation Building		41,000
Accumulated Depreciation Equipment		$4,200
Building	350,000
Cash	$98,000
Depreciation expense, building	7,000
Depreciation expense, equipment	800
Insurance expense	5,200
Interest payable		2,000
Land	700,000
Long-term note payable		52,000
Misty Jam, Capital		1,010,000
Misty Jam, Withdrawals	200,500
Office equipment	8,000
Office supplies	3,300
Prepaid Insurance	9,000
Prepaid Rent	15,000
Rent expense	6,000
Salaries expense	89,000
Salaries payable		14,500
Service fees earned		370,800
Totals	$1,500,800	$1,500,800

Additional Information:

A $8,000 installment on the long-term note payable is due within one year.

Misty Jam invested $25,000 into her business during the year.