1. Use the following partial trial balance from Connecticut Construction Co to prepare its income statement, statement of changes in owner's equity and a balance sheet (Assume the owner did not make any investments in the business this year.)

Connecticut Construction Co. Work Sheet For Year Ended June 30
_______Account_______	Income Statement		Balance Sheet and Statement of Owner's Equity
	Dr.	Cr.	Dr.	Cr.
Cash			11,275
Accounts Receivable			1,750
Office Supplies			800
Prepaid Insurance			3,400
Construction Equipment			130,000
Accumulated depreciation
Construction equipment				21,700
Salaries payable				200
D. Gettleman, Capital				50,000
D. Gettleman, Withdrawals			46,425
Construction revenue		137,675
Depreciation expense
Construction equipment	10,825
Salaries expense	1,800
Insurance expense	200
Rent expense	1,600
Office supplies expense	400
Repairs expense	350
Telephone expense	750	______	_______	______
Totals	15,925	137,675	193,650	71,900
Net income	121,750	______	______	121,750
Totals	137,675	137,675	193,650	193,650