Following is the adjusted trial balance of Perfect Game Lanes for the year ended December 31, 20XX.

Following is the adjusted trial balance of Perfect Game Lanes for the year ended December 31, 20XX.

Adjusted Trial Balance

($)

Debit   Credit

Cash        1,575

Bowling supplies      590

Prepaid insurance      180

Bowling equipment       36,565

Accumulate depreciation, bowling equipment    13,515

Mortgage payable        10,000

Walter Hall, capital        14,025

Walter Hall, withdrawals     9,000

Bowling revenue        35,500

Salaries expense      13,970

Advertising expense      750

Equipment repairs      420

Rent expense       3,550

Utilities expense      1,135

Taxes expense       305

Interest expense      350

Bowling supplies expense     1,830

Insurance expense      395

Depreciation expense, bowling equipment   3,875

Salaries payable        315

Rent payable         1,150

Taxes payable         85

Prepaid interest      100

Totals        74,590  74,590

Required:

Using the adjusted trial balance prepare an income statement and balance sheet in good form.