Brooks Company

Adjusted Trial Balance

December 31, 2020

Acc no		Account Title	Debit	Credit
101	Cash		160000
102	Supplies		3500
103	Prepaid Insurance		6000
120	Equipment		75000
121	Accumulated Dep. - Equipment			30000
122	Building		185000
123	Accumulated Dep. - Building			65000
124	Land		120000
201	Accounts Payable			36000
202	Interest Payable			5600
203	Rent Payable			3300
204	Wages Payable			12000
210	Long-term notes payable			90000
301	Brooks Capital			350000
302	Brooks, Withdrawals		20000
401	Service Revenue			140000
402	Rent earned			8,000
403	Interest earned			8,600
501	Depreciation Expense - Building		6,000
502	Depreciation Expense - Equipment		7,000
503	Wages Expense		94,000
504	Interest Expense		1,500
505	Insurance Expense		2,000
506	Rent Expense		62,500
507	Supplies Expense		3,500
508	Utilities Expense		2,500
	Totals		748500	748500

Additional information

Brooks Company had additional investment of $100,000, during the year.

Required: Prepare the following financial statements for 2020

1. Prepare the Income Statement

2. The Statement of Changes in Equity

3. The classified Balance Sheet