ABC Company prepares adjusting entries at the end of each month. The adjusted trial balance of the company on December 31, 2020 is given below

Required: Determine the net income (or net loss) of ABC Company by preparing a Multi-step income statement for the year ended December 31, 2020.

Question#2: ABC Company prepares adjusting entries at the end of each month. The adjusted trial balance of the company on December 31, 2020 is given below Accounts Debits Credits Cash $41,150 Accounts Receivable 4,806 Allowance for Doubtful Accounts 58 Inventory 2,670 Prepaid Insurance 2,200 Land 20,000 Accounts Payable 1,500 Interest Payable 90 Payroll Taxes Payable 113 Wages Payable 817 Mortgage Payable 18,000 Owner's Investment 50,000 Retained Earnings Sales 11,680 Repair Revenue 20 Cost of Goods Sold 3,504 Advertising 200 Bad Debt Expense 58 Bank Charges 50 Insurance Expense 200 Payroll Taxes 603 Rent 2,240 Supplies 150 Wages 4,357 Interest Expense 90 $82,278 $82,278 Required: Determine the net income (or net loss) of ABC Company by preparing a Multi-step income statement for the year ended December 31, 2020