ABC AUTO INC
TRIAL BALANCE			EXERCISE:	ILLUSTRATE HOW TO CONVERT A TRIAL BALANCE INTO A BALANCE SHEET.
12/31/2020
CASH IN BANK	$ 15,123.00
DUE TO ABC AUTO LLC	$ (792,162.00)
LOAN TO STAKEHOLDERS	$ 2,500.00
COMPUTER EQUIPMENT	$ 1,658.00
SOFTWARE EXPENSE	$ 297.00
START-UP COSTS	$ 72,637.00
INTEREST EXPENSE	$ 5,634.00
ACCRUED INTEREST	$ -
LOC - FREED BANK	$ (1,979.00)
SBA GRANT FUNDS	$ (3,000.00)
ADDITIONAL PAID-IN-CAPITAL	$ (28,500.00)
ACCRUED EXPENSES	$ (11,437.00)
AUTO SERVICE INCOME	$ (346,748.00)
LEGAL FEES	$ 3,471.00
CONSULTING FEES	$ 4,000.00
ACCOUNTING FEES	$ 10,695.00
WEBSITE FEES	$ 2,852.00
ADVERTISING	$ 5,685.00
COMPUTERS	$ 6,395.00
OFFICE SUPPLIES	$ 7,487.00
POSTAGE	$ 186.00
OFFICE EQUIPMENT	$ 3,636.00
OFFICE FURNITURE	$ 10,704.00
SOFTWARE ASSET	$ 1,513.00
ENTERTAINMENT	$ 13,545.00
TRAVEL	$ 164.00
GROSS WAGES	$ 618,560.00
PAYROLL TAXES	$ 125,074.00
FEDERAL WITHHOLDING	$ 133,647.00
UNEMPLOYMENT TAX	$ 1,002.00
LEASE EXPENSE	$ 78,974.00
LEASE DEPOSIT	$ 4,000.00
UTILITIES	$ 8,522.00
CLEANING	$ 750.00
LICENSING FEES	$ 3,174.00
GOVERNMENT FEES	$ 600.00
BANK FEES	$ 15.00
HEALTH INSURANCE	$ 37,340.00
GENERAL LIABILITY INSURANCE	$ 2,871.00
MISC FEES	$ 161.00
GIFTS	$ 940.00
THANK YOU CARDS	$ 14.00