lem Saved Help Save & Exit Check my Required information [The following information applies to the questions displayed below.] Aubrae and Tylor Williamson began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, was as follows: Credit 7,000 Furniture Refinishers, Inc. Trial Balance on January 1, 2020 Account Titles Debit Cash 10,000 Accounts receivable 9,000 Supplies 4,000 Small tools 5,000 Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) 7,000 Accounts payable Dividends payable Notes payable Wages payable Interest payable Income taxes payable Unearned revenue Common stock (70,000 shares, $0.10 par value) Additional paid in capital Retained earnings Service revenue Depreciation expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 35,000 7,000 10,000 11,000 35,000 Transactions during 2020 follow: a. Borrowed $20,000 cash on July 1, 2020, signing a one-year, 10 percent note payable. h Purchased enuinment for $1800 rash on ulv1 202 Transactions during 2020 follow: a. Borrowed $20,000 cash on July 1, 2020, signing a one-year, 10 percent note payable. b. Purchased equipment for $18,000 cash on July 1, 2020. c. Sold 10,000 additional shares of capital stock for cash at $.50 market value per share at the beginning of the year. d. Earned $126,000 in revenues for 2020, including $25,000 on credit and the rest in cash. e. Incurred $26,000 in wages expense and $8,000 in miscellaneous expenses for 2020, with $7,000 on credit and the rest paid with cash. Note: Wages are paid in cash. f. Purchased additional small tools, $2,000 cash. g. Collected accounts receivable, $12,000. h. Paid accounts payable, $12,000. 1. Purchased $15,000 of supplies on account. J. Received a $8,000 deposit on work to start January 15, 2021. k. Declared a cash dividend on December 1, $17,000; paid on December 31. Data for adjusting entries: 1. Supplies of $5,000 and small tools of $6,000 were counted on December 31, 2020 (debit Miscellaneous Expenses). m. Depreciation for 2020, $4,000. n. Interest accrued on notes payable (to be computed). o. Wages earned since the December 24 payroll but not yet paid, $2,000. p. Income tax expense was $4,000, payable in 2021. 4. Prepare an income statement (including earnings per share), statement of stockholders' equity, and balance sheet. (For the Statement of Stockholders' Equity and Balance Sheet only, items to be ded must be indicated with a minus sign. Round "Earning per share" to 2 decimal places.) - Prepare an income statement (including earnings per share), statement of stockholders' equity, alance sheet. (For the Statement of Stockholders' Equity and Balance Sheet only, items to be must be indicated with a minus sign. Round "Earning per share" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Income Stmt of Statement Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. FURNITURE REFINISHERS, INC. Statement of Stockholders' Equity For the Year Ended December 31, 2020 Additional Common Paid-in Stock Capital Retained Earnings Total Stockholders' Equity $ 0 Balance, January 1, 2020 0 0 0 $ 0 Balance, December 31, 2020 $ 0 0 $ 0 Income Statement Balance Sheet > Required information Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a balance sheet. (Items to be deducted must be indicated with a minus sign.) FURNITURE REFINISHERS, INC. Balance Sheet At December 31, 2020 Assets Liabilities Current assets: Current liabilities: 0 Total current assets 0 Total current liabilities Stockholders' equity Equipment - Net Book Value 0 0 Total stockholders' equity Total liabilities and stockholders' equity 0 $ Total assets 0
