Problem 2.4A (Algo) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4,2-5 Cash The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Liab. + Owner's Equity Accts Acets. T. Cotton Rec. Supp. Equip. Pay.. Capital Rov. Exp. Balancen, May 16,000 4,000 + 6,800 + 34,800 - 8,000 + 53,600+ 0- 0 Paid for utilities 780 780 New balances 15,220 4,000 + 6,000+ 34,800 8,000 + 53,600 + 780 sold services for cash + 4,780 4.700 New balances 20,000 4,000 + 6,800 + 34,800 - 8,000 + 53,600 + 4,780 - 780 Paid a creditor - 2,600 2.600 New balances 17.400 4,000 + 6,800 + 34,800 - 5,400 + 53,600+ 4,780 - 780 sold services on credit +3.400 +), 400 New balances 17,400 7,400 + 6,800 + 34,800 3,400+ 53,600+ 8,180 - 780 Paid walaries - 9.400 - 9400 New balances 8,000 7,400 + 6,800 + 34,800 - 3, 100+ 53,600+ 8,180 - 10,100 Paid telephone bi - 324 + 324 New balance 7.676 7.400 + 6,000+ 34,800 - 5,400 53,600 3,180 10,504 Withdrew cash for personal expenses -1.000 1.000 New balances 6,676 7,400 + 6,000+ 34,800 5,400+ 52,600 0,100 - 10.504 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balance sheet for May 31, 20X1 Analyze In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering vour answers in the tabs below. Required: Analyze each transaction carefully, Prepare an income statement and a statement of owner's equity for the month. Prepare a balance sheet for May 31, 20x1. Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eaty Balance Sheet Analyze Prepare an income statement for the month of May 31, 20X1. (ust the expenses in detall on the income statement.) COTTON CLEANING SERVICE Income Statement Month Ended May 31, 20X1 Ravenue Expenses Total expenses Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare al sheet for May 31, 20x1. Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eqty Balance Sheet Analyze Prepare a statement of owner's equity for the month of May 31, 20X1. COTTON CLEANING SERVICE Statement of Owner's Equity Month Ended May 31, 20X1 0 $ 0 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepar sheet for May 31, 20X1. Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eqty Balance Sheet Analyze Prepare a balance sheet for May 31, 20X1. COTTON CLEANING SERVICE Balance Sheet May 31, 20X1 Liabilities Assets Owner's Equity Total Assets $ Total Liabilities and Owner's Equity $ Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eqty Balance Sheet Analyze Which amount was transferred from the statement of owner's equity? Owner's guilty