Preparing financial statements Presented here are the accounts of Gate City Answering Service for the year end December 31, 2014. Requirements Prepare Gate City Answering Services income statement. Prepare the statement of owner's equity Prepare the balance sheet. P1-43A Preparing financial statements Studio Photography works weddings and prom-type parties. The balance of Ansel, Capital was $16,000 at December 31, 2013- At December 31, 2014, the business's accounting records show these balances