Larry Power started a new business in the name of Power Electrical on October 1, 2020. During October, a number of activities occurred and the following totals resulted at October 31, 2020 (shown in accounting equation format):

Assets

=

Liabilities

+

Equity

Cash

+

Accounts Receivable

+

Office Supplies

+

Office Equip.

+

Electrical Equip.

=

Accounts Payable

+

Larry Power, Capital

$37,000

+

$7,700

+

$2,600

+

$35,000

+

$17,500

=

$25,000

+

$74,800

During November, the following occurred:

Nov.	1	Rented office space and paid cash for the months rent of $7,900.
	3	Purchased electrical equipment for $25,000 from an electrician who was going out of business, by using $13,500 in personal funds and agreeing to pay the balance in 30 days.
	5	Purchased office supplies by paying $2,500 cash.
Nov.	6	Completed electrical work and immediately collected $2,700 for doing the work.
	8	Purchased $5,900 of office equipment on credit.
	15	Completed electrical work on credit in the amount of $6,700.
	16	Interviewed and hired a part-time electrician who will be paid $6,000 each month. He will begin work in three weeks.
	18	Purchased $1,700 of office supplies on credit.
	20	Paid for the office equipment purchased on November 8.
	24	Billed a client $5,150 for electrical work; the balance is due in 30 days.
	28	Received $6,700 for the work completed on November 15.
	30	Paid the office assistants salary of $5,100.
	30	Paid the monthly utility bills of $4,300.
	30	Power withdrew $2,100 from the business for personal use.

The following table shows the the effects of each November activity on the items in the equation.

			Cash			Accounts Receivable			Office Supplies			Office Equip.			Electrical Equip.			Accounts Payable			Larry Power,Capital			Explanation of Equity Transaction
Bal.	Oct. 31		$	37,000		$	7,700		$	2,600		$	35,000		$	17,500		$	25,000		$	74,800
	Nov. 1			7,900																		7,900		Rent expense
	3		+	13,500																	+	13,500		Investment by owner
	3			13,500											+$	25,000		+$	11,500
	5			2,500					+	2,500
	6		+	2,700																	+	2,700		Electrical fees earned
	8											+	5,900					+	5,900
	15					+	6,700														+	6,700		Electrical fees earned
	16
	18								+	1,700								+	1,700
	20			5,900															5,900
	24					+	5,150														+	5,150		Electrical fees earned
	28		+	6,700			6,700
	30			5,100																		5,100		Salaries expense
	30			4,300																		4,300		Utilities expense
	30			2,100																		2,100		Withdrawal by owner
			$	18,600		$	12,850		$	6,800		$	40,900		$	42,500		$	38,200		$	83,450
									$	121,650								=	$ 121,650

Required: 1. Using the above information, prepare an income statement.

2. Using the above information, prepare a statement of changes in equity.

3. Using the above information, prepare a balance sheet.