Little Lads and Ladies Ltd. sells childrens clothing. At the end of December 2020, it had the following adjusted account balances, which are listed in random order:

Identify the statement of income accounts and calculate the net income (or loss) for the year.

Prepare the closing entries

Prepare a classified statement of financial position as at December 31, 2020. The full balance of the bank loan payable is due on June 30, 2022

Little Lads and Ladies Ltd. sells children's clothing. At the end of December 2020, it had the following adjusted account balances, which are listed in random order: Cash Wages Payable Supplies Expense Equipment Wages Expense Prepaid Rent Cost of Goods Sold Sales Revenue Accounts Receivable Rent Expense Bank Loan Payable Advertising Expense Accounts Payable Utilities Expense Dividends Declared Depreciation Expense Common Shares Telephone Expense Interest Expense Accumulated Depreciation, Equipment Retained Earnings Inventory Repairs and Maintenance Expenses Supplies Interest Payable $ 3,900 500 4,200 23,000 26,000 400 32,700 65,650 9,200 4,800 4,700 750 6,000 600 1,200 500 20,000 200 300 2,300 17,600 7,300 400 1,600 300