City Movers had the following account balances, in random order, on December 31, 2020.

Additional Information:

• During the year, Sam Chiang invested $15,000 into the business.
• $7,500 of the notes payable is due this year.

Required:

1. Prepare an income statement for City Movers for the year ended December 31, 2020.
2. Prepare a statement of owners equity for City Movers for the year ended December 31, 2020.
3. Prepare a classified balance sheet at December 31, 2020.

Equipment S. Chiang, Drawings Salaries expense Service revenue Rent expense Unearned service revenue Insurance expense Interest revenue Notes payable Accounts payable Building 50,000 2,000 20,000 140,200 3,000 2,500 1,500 5,000 55,000 4,600 700,000 Land Accumulated depreciation - building Cash S. Chiang, Capital Prepaid expense Accounts receivable Depreciation expense - equipment Utilities expense Salaries payable Accumulated depreciation - equipment Depreciation expense - building 150,000 300,000 24,500 464,200 5,000 26,000 2,000 4,000 4,500 20,000 8,000