View Solution CP 1-7 Required: From the balances below, complete the following income statement, statement of changes in equity, and balance sheet. Accounts receivable , $ 4,000 Accounts payable 5,000 Cash 1,000 Share capital Equipment 8,000 Insurance expense 1,500 Miscellaneous expense 2,500 Office supplies expense 1,000 Service revenue 20,000 Wages expense 9,000 Income Statement Service revenue Expenses Insurance Miscellaneous Office Supplies Wages Net income Statement of Changes in Equity Share Retained Capital Earnings Opening Balance so. So Shares Issued Net Income Ending Balance Total Equity $ 0 - Assets Cash Accounts Receivable Equipment Balance Sheet Liabilities and Shareholder's Equity Accounts Payable Share Capital Retained Earnings CHAPTER 1 / Overview of Financial Accounting