works weddings and prom-type parties. The balance of AbbottAbbott , Capital was $ 14 comma 000$14,000 at DecemberDecember 3131 , 20132013. At DecemberDecember 3131 , 20142014 , the business's accounting records show these balances: Prepare the following financial statements for Picture GalleryPicture Gallery for the year ended DecemberDecember 3131 , 20142014 : a. Income statement b. Statement of owner's equity c. Balance sheet

Insurance Expense

$4,000

Accounts Receivable

$13,000

Cash

43,000

Notes Payable

16,000

Accounts Payable

12,000

Abbott, Capital, Dec. 31, 2014

?

Advertising Expense

4,500

Salaries Expense

26,000

Service Revenue

100,000

Equipment

62,500

Abbott, Withdrawals

17,000

Owner contribution, 2014

28,000