Credit Debit 17,000 14,000 1,600 Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash Equipment Inventory Land Notes Receivable (Long-term) Prepaid Insurance Supplies COGS Income Tax Expense Insurance Expense Interest Expense Rent Expense Salaries and Wages Expense Travel Expense Utilities Expense Accounts Payable FICA Payable Notes Payable (LT) Unearned Revenue Unemployment Taxes Payable Withheld Income Taxes Payable Additional Paid in Capital Common Stock Retained Earnings Treasury Stock Sales Revenue Totals 120,000 120,000 62,100 100,000 40,000 1,500 3,500 175,000 14,000 9,600 1,200 60,000 80,000 4,500 12,000 45,000 14,000 25,000 4,000 8,500 12,000 60,000 25,000 121,300 60,000 550,000 880,400 880,400 Sales Revenue COGS Gross Profit For the year ended December 31, 2020 550,000 (175,000) 375000 9,600 Operating Expenses Insurance Expense Rent Expense Salaries and Wages Expense Travel Expense Utilities Expense 60,000 80,000 4,500 12,000 Total Operating Expenses 166,100 Income from Operations 208,900 interest Expense (1.200) 9,600 Operating Expenses Insurance Expense Rent Expense Salaries and Wages Expense Travel Expense Utilities Expense 60,000 80,000 4,500 12,000 Total Operating Expenses 166,100 Income from Operations 208,900 Interest Expense Income Tax Expense (1,200) (14,000) Net Income 193,700 LLLLLLLLL Income Statement Balance Sheet December 31, 2020 Current Liabilities 120,000 Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Supplies Inventory 17.000 1.600 1.500 Total Current Liabilities Total Current Assets 121,500 Total Liabilities Total Current Liabilities Total Current Assets 121,500 Total Liabilities Stockholder's Equity Total Assets 121,500 Total Stockholder's Equity Total Liabilities & SE