The following is the adjusted trial balance for Gabriels Discount Stores on December 31, 2017.

Gabriels Discount Stores

Trial Balance

As of December 31, 2017

	Debit	Credit
Cash	$5,000
Accounts receivable	14,000
Inventory	20,000
Supplies	5,000
Land	100,000
Accounts payable		$3,000
Notes payable		25,000
Gabriel's, Capital		90,000
Smith, Withdrawals	1,000
Sales revenues		160,000
Sales returns and allowances	2,000
Sales discounts	3,000
Cost of goods sold	80,000
Salaries expense	5,000
Utility expense	23,000
Rent expense	18,000
Interest expense	2,000
Totals	$278,000	$278,000

Requirements:

Prepare the following documents as of December 31, 2017

a. Income Statement

b. Statement of Owners Equity and

c. Balance Sheet