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1. Use the following partial work sheet from NE Patriots Co to prepare its income statement, statement of changes in owner's equity and a balance sheet (Assume the owner did not make any investments in the business this year.)

NE Patriots Work Sheet For Year Ended June 30
_______Account_______	Income Statement		Balance Sheet and Statement of Owner's Equity
	Dr.	Cr.	Dr.	Cr.
Cash................................................			11,275
Accounts Receivable.......................			1,750
Office Supplies................................			800
Prepaid Insurance............................			3,400
Scoring Equipment..........................			130,000
Accumulated depreciation
Scoring equipment......................				21,700
Salaries payable...............................				200
M. Matthews, Capital......................				50,000
M. Matthews, Withdrawals..............			46,425
Bowling revenue..............................		137,675
Depreciation expense
Scoring equipment......................	10,825
Salaries expense..............................	1,800
Insurance expense...........................	200
Rent expense..................................	1,600
Office supplies expense...................	400
Repairs expense..............................	350
Telephone expense.........................	750	______	_______	______
Totals.............................................	15,925	137,675	193,650	71,900
Net income.....................................	121,750	______	______	121,750
Totals.............................................	137,675	137,675	193,650	193,650

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