02: Preparing Financial Statements STUDENT NAME: The ADJUSTED Trial Balance of Practice Merchants for the year ended December 31, 2020, follows: Practice Merchants ADJUSTED Trial Balance 1 Cash / Office supplies Prepaid insurance/e Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue Capital/c December 31, 2020 Account Title Debit $ 15,000 Credit 1,100 2,500 50,000 $ 10,000 8,000 1,200 4,000 , 33,000 16,000 100,000 10,000 50,000 35,000 3,600 3,600 2,400 Withdrawalsvident Sales Revenue Sales Discounts Cost of Goods Sold Wages Expenses de Depreciation expense o Office supplies expense O s Insurance expense OE Total $ 189,200 $ 156,200 Required: Based on the adjusted account balances listed above, complete the following: a. Multi-Step Income Statement b. Statement of Owner's Equity (Note: all owner investements were made during 2020) C. Classified Balance Sheet Remember: All adjustments have already been made. For Instructor Use Only Prob #1 Prob #2 Prob #3 Total Earned Total Possible % Grade 50 5 5800 SE 16