(1 The adjusted trial balance of Massader Co. at December 31, 2020 Follows Massader Co Trial Balance December 31, 2020 Credit Debit Accounts Title OMR OMR 12.000 22,000 2.200 400 24,000 6.000 28,000 4.000 1,200 10,000 4.000 Cash Accounts receivable Allowance for uncollectible accounts Office supplies Equipment Accumulated Depreciation - Equipment Land Accounts payable Salaries payable Interest payable Notes payable Massader Capital Owner contribution Massader withdrawing Service revenue Rent expenses Supplies expenses Depreciation expenses - Equipment Interest expense Total 40.000 12,000 29.000 86.000 32.000 2.000 4,000 12.000 165,400 400.165 Requirements Under preparing income statement for the year ended December 31, 2020 1 Total expenses would be 522000 500000 460000 480000 Net Income would be 360000 380000 38200 400000 2 Under preparing the statement of owner equity for the year ended December 31, 2020 Capital, January 1, 2020 would be 380000 360000 350000 400000 Capital, December 31, 2020 would be 410000 582000 520000 590000 Under preparing the classified balance sheet at December 31, 2020 3 Accounts receivable(net) would be 240000 220000 188000 180000 Total liabilities would be 198000 240000 220000 192000 Owner equity would be 198000 154000 192000 180000 Total liabilities and owner equity would be 782000 760000 742000 778000