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Can you do a balance sheet with the 2020 information only? Can you make sure it balances please? One of your clients has asked you
Can you do a balance sheet with the 2020 information only? Can you make sure it balances please?
One of your clients has asked you to prepare their December 31, 2020 year-end financial statements. They do NOT want to pay you to make sure the statements are presented in accordance with GAAP, and they do NOT want a Statement of Cash Flows. They just want "management- use only" financial statements. The Adjusted Trial Balance Report they provided you is below. INSERT new worksheets and prepare each of the financial statements for the year ending December 31, 2020. Only present the 2020 ending balances on the financial statements. Name the new sheets 3. Income Statement, 3. Statement of Owner's Equity, 3. Balance Sheet. Include a proper header on each financial statement and vertical analysis. SUNSHINE SERVICES, LLC ADJUSTED TRIAL BALANCE REPORT DECEMBER 31, 2020 2019 2020 Account Debit Credit Debit Credit Cash 81,151.29 89,932.07 Accounts Receivable 1,174.00 2,142.00 Office Equipment 85,910.00 85,910.00 Accum. Depreciation 85,910.00 85,910.00 Accounts Payable 1,079.62 1,438.15 Notes Payable 2,374.19 Owner's Capital 17,050.00 57,550.00 Retained Earnings 1,216.70 21,321.48 Owner Contributions 40,500.00 1,000.00 Owner Withdrawals 5 21,656.09 5 25,000.00 Service Revenue S 66,066.21 5 82,078.89 Depreciation Expense Bad Debt Expense 74.00 Building Rent Expense 12,000.00 S 16,400.00 Interest Expense 280.11 57.91 Insurance Expense 1,846.20 5 4,129.00 Professional Expenses 3,424.45 S 3,372.59 Salary Expense 4,105.00 S 17,462.61 Payroll Taxes Expense 782.45 1,987.95 Supplies Expense 1,793.13 2,904.39 S 214,196.72 5 214,196.72 5 249,298.52 5 249,298.52Step by Step Solution
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