The following unadjusted trial balance as of December 31, 2010, is for Buckeroo U!, a sole proprietorship owned by Tim Carey. The company specializes in horse-breaking services and rodeo lessons.

Required:
Using the unadjusted trial balance provided, create a classified income statement for Buckeroo U! for the year ended December 31, 2010.

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Buckeroo U! Unadjusted Trial Balance As of December 31, 2010 Debits 59,750 3,300 1,200 64,600 23,000 Account Name Credits Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Unearned Revenues Long-Term Notes Pavable T. Carev, Capital Horse-Breaking Revenue Rodeo Lesson Revenue Wages Exp Maintenance Interest 29,230 1,500 74,000 16,000 25,200 10,500 4,130 410 40 ense se se Totals 156,430156,430