Problem - Below is another account question that is asking me to prepare an income statement, statement of owner's equity and a balance sheet. I'm still struggling with the steps involved and was hoping you could help me with this problem so, I can get a better understanding.

Hanson Storage Adjusted Trial Balance December 31

Cash 3050

Accounts receivable 400

Prepaid Insurance 830

Office supplies 80

Accumulated depreciation-office equipment 1,000

Buildings 98,000

Accumulated depreciation-buildings 28,000

Land $115,000

Wages payable 880

Property taxes payable 1,400

Interest payable 2,200

Unearned rent 460

Long-term notes payable 150,000

Mary Hanson, Capital 40,340

Mary Hanson, Withdrawals 21,000

Rent earned 57,500

Wages expense 25,000

Utilites expense 1,900

Property taxes expense 2,400

Insurance expense 800

Office supplies expense 250

Depreciation expense-office equipment 400

Depreciation expense-buildings 5,570

Interest expense 3,000

Totals 281,880 281,880

a. Prepare an income statement for the adjusted trial balance of Hanson Storage.

b. Prepare a statement of owner's equity from the adjusted trial balance of Hanson Storage. Ms. Hanson's capital account balance of $40,340 consists of a $30,340 beginning-year balance plus a $10,000 investment during the current year.

c. Prepare a balance sheet from the adjusted trial balance of Hanson Storage.