er 3 Question 5 of 5 12.54/27 The following are the trial balance and the other information related to Mark Consulting Engineer. Credit $776 MARK CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 56,600 Allowance for Doubtful Accounts Supplies 1.630 Prepaid Insurance 1,510 Equipment 33,500 Accumulated Depreciation Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense 10,088 Salaries and Wages Expense 33,260 Utilities Expenses 1,150 Office Expense 790 $168,028 6314 7.200 10,000 25,979 117,759 $168,028 1 2 3 5 Fees received in advance from clients $5.850, which were recorded as revenue Services performed for clients that were not recorded by December 31, 54.949. Bad debt expense for the year is $1,565 Insurance expired during the year $474 Equipment is being depreciated at 10% per year. Mark gave the bank a 90-day, 10% note for $7.200 on December 1, 2020, Rent of the building is $776 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense Office salaries and wages earned but unpaid December 31, 2020, $2,570 6 7 B MacBook Pro .com/was/ui/v2/assessment-player/index.html?launchid-119 12.54/27 Question 5 of 5 Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number eg. 45 or parentheses eg (451) MARK CONSULTING ENGINEER Income Statement December 31, 2020 Owner's Capital, December 31 Service Revenue Expenses $ Rent Expense 9312 i Salaries and Wages Expense 30690 Utilities Expenses 1.150 1150 Office Expense Bad Debt Expense 1565 Insurance Expense 474 i Depreciation Expense 3350 i 60 i Interest Expense 47751 Total Expenses $ e Textbook and Media TA X Your answer is incorrect Prepare a retained earnings statement for 2020. Mark paid a $17,150 cash dividend during the year. (recorded in Retained Earnings.) (List items that increase owner's capital first.) MARK CONSULTING ENGINEER Statement of Retained Earnings Retained Earnings, December 31 $ e Textbook and Media List of Accounts Your answer is partially correct Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity) MARK CONSULTING ENGINEER Balance Sheet For the Year Ended December 31, 2020 Assets Prepare a classifed balance sheet for 2020. (List current sets in the order or MARK CONSULTING ENGINEER Balance Sheet For the Year Ended December 31, 2020 Assets Current Assets Cash 29 Accounts Receivable $ 61549 Allowance for Doubtful Accounts Supplies Liabilities and Owner's Equity Liabilities and Owner's Equity S e Textbook and Media List of Accounts