Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Barry made no additional investments in the company during the year. Barry's Automotive ShopTrial BalanceDecember 31Cash$ 12,500?Accounts receivable1,500?Supplies500?Repair shop equipment27,000?Service truck33,000?Accounts payable?$2,600Barry, Capital?38,525Barry, Withdrawals36,000?Service revenue?125,000Supplies expense3,425?Rent expense18,000?Utilities expense5,000?Gas expense7,200?Wages expense22,000? Totals$166,125$166,125
What will be an ideal response?
| Barry's Automotive Shop Balance Sheet December 31 | |
| Assets | Liabilities |
| Cash | $ 12,500 | Accounts payable | $ 2,600 |
| Accounts receivable | 1,500 | ? | ? |
| Supplies | 500 | Equity | ? |
| Repair shop equipment | 27,000 | ? | ? |
| Service truck | 33,000 | Barry, Capital | 71,900 |
| Total assets | $74,500 | Total liabilities and equity | $74,500 |
| ? | ? | ? |
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