60 POINTS: TRIAL BALANCE TO FINANCIAL STATEMENTS you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIABILITY LORDS, INC below to prepare for the year 2020 (The 000's have been dropped to make adding easier for you. You do not need to included 000's on your financial statements, leave the amounts as presented The Bond Payable has a 10 year term. All Accrued Liabilities and A/P will be paid with in 6 months of the balance sheet dote 1) A Multi Step Income Statement 23 Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE Account Debit Credit Cash 300 Accounts Receivable 450 Allowance for doubtful 25 accounts Inventory 85 Equipment 450 Accumulated 125 Depreciation Accounts Payable 250 Accrued Liabilities 130 Blond Payable 200 Bond Payable 200 Bond Premium Common Stock, par value APIC, Common Stock 50 5 345 80 35 35 Retained Earnings Dividends Sales 2.500 Sales Discounts 30 Cost of Goods Sold 1300 Advertising expense 50 Depreciation expense 40 Rent expense 60 Wages expense 900 Loss on sale of 8 equipment Interest expense 2 Totals $3.710 $3.710 Mutt liability lords, INC In Come Statement. Sale's $2500 6ss: Sales Discount $(30) Net Sale's $2470 Cost of Goods sold $(1300) Gross profit $ 1170 Gss: 4 Operating Expenses Actress Expenses - Advesting (50) 50 (50) General & Administrative Experte - Depreciation Expense (40) - Rent expense (60) - wages expense (900) 1000 (1000) Other Revenues & Expenses Interest Experie (a) - loss on sale of (8) equipment (10) 10 Net Income. $ 110 Statement of Retainend Earnings Balance Sheet