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Prepare the income statement and statement of owner equity

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Question - Edward Roberts decided to start his own rent-a-car business after graduation. Roberts' Rent-a-Car had the following ending balances after the first month of operations (October 2019).

Ending Balances - October 31, 2019

Accounts Payable $500

Automobile $35,800

Bank Loan $17,200

Capital Invested in October $20,500

Cash $8,100

Interest Expense $700

Roberts, Capital, October 1, 2019 $0

Roberts, Withdrawals $1,100

Maintenance Expense $600

Miscellaneous Expense $800

Prepaid Insurance $2,000

Salaries Expense $1,000

Service Revenue $7,400

Unearned Revenue $5,300

Utilities Expense $800

Required - Prepare the income statement, statement of owner's equity, and balance sheet.

Reference no: EM132819348

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