Reference no: EM132950213
Question - Ivanhoe's Home Renovations was started in 2008 by Jim Ivanhoe. Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company's assets and liabilities as at December 31, 2021, and the revenues, expenses, and drawings for the year ended December 31, 2021:
Accounts payable $7,539
Operating expenses $3,524
Accounts receivable $10,175
Prepaid insurance 1,945
Cash 8,008
Salaries expense 88,064
Equipment 30,208
Service revenue 158,080
Insurance expense 4,079
Supplies792
Interest expense 1,284
Supplies expense 19,256
J. Ivanhoe, drawings 44,038
Unearned revenue 15,309
Notes payable 31,477
Vehicles 42,560
Jim's capital at the beginning of 2021 was $41,528. He made no investments during the year.
Required -
-Prepare the income statement?
-Prepare the owner's equity statement?
-Prepare the balance sheet?
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