Steve Mossop runs Adworks which designs advertising programs for North American companies and began operations two years ago. The following information has been extracted from the trial balance worksheet of Adworks for its 2^nd year of operation ended November 30, 2018.

Adworks (a proprietorship)
Adjusted Trial Balance
November 30, 2018
ACCOUNT	DEBIT	CREDIT
Cash	$ 11,000
Accounts receivable	11,770
Prepaid rent	3,130
Prepaid insurance	1,500
Printing press	27,600
Supplies	4,110
Accumulated amortization printing press		10,600
Patents (will last until 2024)	7,000
Notes receivable, due November 29, 2019	11,000
Accounts payable		6,789
Notes payable, due December 31, 2018		34,000
Unearned consulting fees		2,100
Notes payable, due December 31, 2023		13,723
S. Mossop, capital		29,777 **
Amortization expense printing press	7,500
S. Mossop, withdrawals	50,500
Ad consulting fee revenue		91,297
Insurance expense	4,775
Wage expense	19,200
Rent expense	21,500
Supplies expense	7,701
Total	$188,286	$188,286

** Includes $10,000 investment in late December 2017.

Required:

In the sheets located on the next 2 pages, in good form (including appropriate headings), prepare the following financial statements for Adworks for the year ended November 30, 2018.

1. Income Statement (2 marks)
2. Statement of Owners Equity (4 marks)
3. Balance Sheet (6 marks)