The year end adjusted trial balance at October 31, 2025 for Larrys Electronics follows:

ACCOUNT	BALANCE
Accounts payable	25,000
Accounts receivable	12,000
Accumulated depreciation, office equipment	30,000
Advertising expense	4,000
Cash	42,000
Consulting Revenue	400,000
Depreciation expense, office equipment	12,000
Insurance expense	3,000
Larry Smiths, capital	17,000
Larry Smiths, withdrawals	18,000
Office equipment	276,000
Prepaid Insurance	1500
Repair expense	7,000
Salaries payable	4,000
Salary expense	97,000
Supplies	1500
Supplies expense	9,000
Unearned repair revenue	16,500
Utilities expense	9,500

An analysis of other information reveals that Larry Smith invested $5,000 cash into the business early in the year.

1. Prepare an income statement for the year ended October 31, 2025. 11 Marks
2. Prepare a statement of changes in equity for the year ended October 31, 2025. 8 Marks
3. Prepare a classified balance sheet for the year ended October 31, 2025. 19 Marks

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