At the end of its first month of operation, March 20xx, Ellis Plumbing Corporation had the follow-

LO 6 Preparation of Financial Statements ing account balances:

In addition, during the month of March, the following transactions affected shareholders' equity:

v

REQUIRED Using Exhibit 1-2 as a model, prepare an income statement and a balance sheet for Ellis Plumbing Corporation. (Note: The final balance of Shareholders' Equity is 106,400.)

Transcribed Image Text:

Cash 58,600 Accounts Receivable 10,800 Delivery Truck 38,000 Tools 7,600 Accounts Payable 8,600