Fiesta Services, Inc.

Adjusted Trial Balance

At December 31, 2020

					Debit	Credit
Cash					$ 12,200
Accounts Receivable					$ 31,000
Camping Supplies					$ 7,900
Prepaid insurance (unexpired insurance)					$ 2,400
Equipment					$ 69,000
Accumulated depreciation-equipment						$ 60,000
Notes Payable (due 4/01/2021)						$ 18,000
Accounts Payable						$ 9,500
Capital Stock						$ 24,000
Retained Earnings						$ 15,000
Dividends					$ 1,000
Guide Service Revenue						$ 101,000
Salary Expense					$ 86,500
Camping Supplies Expense					$ 1,200
Insurance Expense					$ 9,600
Depreciation Expense-equipment					$ 5,000
Interest Expense					$ 1,700
TOTALS:					$ 227,500	$ 227,500

The above Ajusted Trial Balance is for Fiesta Services, Inc. prepared at its fiscal year-end
on December 31, 2020. The corporation performs its adjusting journal entries every month but it
closes its accounts only at year-end , that is, on December 31.
REQUIRED:
1) Prepare the corporations Income Statement for the year 2020 from January 1 to December 31.
2) Prepare the corporation's Statement of Retained Earnings for the year 2020 from Jan 1 to Dec 31.
3) Prepare the corporation's Balance Sheet at December 31, 2020.
4) Prepare the corporation's After-Closing Trial Balance at December 31, 2020.