Given the following accounts randomly arranged, and showing normal balances, prepare:

1.Profit & Loss Statement for the year ended Dec. 31 (yr.)

2. Balance Sheet as of Dec. 31, (yr)

(Please observe proper presentation, arranging the accounts accordingly.)

XYZ COMPANY

TRIAL BALANCE

DEC. 31, (yr)

Office Supplies $ 985.00

Prepaid Rent 1,200.00

Cash 5,025.00

Unearned Revenue 950.00

Accounts Receivable 3,850.00

Accounts Payable 4,500.00

Office Furniture 6,800.00

Utilities Expense 600.00

Equipment 8,700.00

Accumulated Depreciation, Off. Furn. 234.00

Accumulated Depreciation, Equipment 457.00

Notes Payable - Long Term 10,000.00

Depreciation Expense 691.00

Wages Payable 420.00

Professional Fees 7,500.00

Owner, Drawing 200.00

Owner, Capital (Beginning Capital) 7,765.00

Wages Expense 2,400.00

Rent Expense 1,000.00

Office Supplies Expense 375.00