The following is the adjusted trial balance of Maggie’s Music Shop.

Maggie's Music Shop
Adjusted Trial Balance
January 31, 2019

Accounts	Debits	Credits
Cash	15,530
Office Supples	1,840
Prepaid Rent	1,010
Equipment	52,970
Accumulated Depreciation--Equipment		6,830
Accounts Payable		4,340
Salaries Payable		320
Unearned Revenue		4,510
Notes Payable (long-term)		5,210
Maggie Graph, Capital		40,470
Maggie Graph, Drawing	1,170
Service Revenue		17,770
Salaries Expense	4,110
Rent Expense	1,460
Supplies Expense	220
Depreciation Expense--Equipment	420
Utilities Expense	720
Total	Single line79,450Double line	Single line79,450Double line

 

A. Take the information from Maggie's Music Shop adjusted trial balance and fill out an Income statement.

Maggies Music Shop
Income Statement
For period ending January , 2019

Description	Amount	Total
Accounts PayableAccumulated Depreciation--EquipmentCashDepreciation Expense--EquipmentEquipmentIncome SummaryMaggie Graph, CapitalMaggie Graph, DrawingNotes Payable (long-term)Office SupplesPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseUnearned RevenueUtilities Expense
Subcategory,Expenses:
Accounts PayableAccumulated Depreciation--EquipmentCashDepreciation Expense--EquipmentEquipmentIncome SummaryMaggie Graph, CapitalMaggie Graph, DrawingNotes Payable (long-term)Office SupplesPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseUnearned RevenueUtilities Expense
Accounts PayableAccumulated Depreciation--EquipmentCashDepreciation Expense--EquipmentEquipmentIncome SummaryMaggie Graph, CapitalMaggie Graph, DrawingNotes Payable (long-term)Office SupplesPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseUnearned RevenueUtilities Expense
Accounts PayableAccumulated Depreciation--EquipmentCashDepreciation Expense--EquipmentEquipmentIncome SummaryMaggie Graph, CapitalMaggie Graph, DrawingNotes Payable (long-term)Office SupplesPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseUnearned RevenueUtilities Expense
Accounts PayableAccumulated Depreciation--EquipmentCashDepreciation Expense--EquipmentEquipmentIncome SummaryMaggie Graph, CapitalMaggie Graph, DrawingNotes Payable (long-term)Office SupplesPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseUnearned RevenueUtilities Expense
Accounts PayableAccumulated Depreciation--EquipmentCashDepreciation Expense--EquipmentEquipmentIncome SummaryMaggie Graph, CapitalMaggie Graph, DrawingNotes Payable (long-term)Office SupplesPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseUnearned RevenueUtilities Expense	Single line
Total Expenses		Single lineSingle line
Net Income		Single lineDouble line

B. Use the financial information from the previous financial statements to create the statement of owner's equity (also known as a statement of retained earnings).

Maggies Music Shop
Statement of Owners Equity
For period ending January 31, 2019

Description	Amount
Maggie Graph, Capital January 1, 2019Maggie Graph, DrawingMaggie Graph, Drawing January 31, 2019Net Income
Maggie Graph, Capital January 1, 2019Maggie Graph, DrawingMaggie Graph, Drawing January 31, 2019Net Income	Single line
	Single line
Maggie Graph, Capital January 1, 2019Maggie Graph, DrawingMaggie Graph, Drawing January 31, 2019Net Income	Single line
Maggie Graph, Capital January 31, 2019	Single lineDouble line

C. Use the financial information from the previous financial statements to create a Balance Sheet. Note: Use a negative sign in the Accumulated Depreciation number for the statement to calculate correctly (e.g. -5000).

Maggies Music Shop
Balance Sheet
January 31, 2019

Description	Amount	Total	Group Total
Subcategory,Assets
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue		Single line
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue	Single line	Single line
Total Assets			Single lineDouble line
Subcategory,Liabilities
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue		Single line	Single line
Total Liabilities			Single line
Subcategory,Equity
Accounts PayableAccumulated Depreciation-EquipmentCashEquipmentMaggie Graph, CapitalNotes Payable (long-term)Office SuppliesPrepaid RentSalaries PayableUnearned Revenue		Single line	Single line
Total Equity			Single lineSingle line
Total Liabilities + Equity			Single lineDouble line