The adjusted trial balance for Arun’s Animations is presented below.

Instructions
a. Prepare an income statement and statement of owner’s equity for the year. Mr. Arun invested $5,000 cash in the business during the year.
b. Prepare a classified balance sheet at December 31, 2024.

Transcribed Image Text:

Cash Accounts receivable Prepaid expenses ARUN'S ANIMATIONS Adjusted Trial Balance December 31, 2024 Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue M. Arun, capital M. Arun, drawings Service revenue Rent expense Salaries expense Supplies expense Depreciation expense Debit $ 3,600 4,500 2,500 48,000 18,000 9,000 24,000 2,100 6,000 $117,700 Credit $18,000 5,500 9,775 19,625 64,800 $117,700