PART I Financial Statements (51 points)

Billy Bob Mechanical has come back in to discuss the companys financial statements. Your manager has requested that you assist in preparing the draft financial statements. The company has a year ending December 31, 2020 and we have the previously provided Adjusted Trial Balance.

Instructions: Please prepare draft financial statements based on the following adjusted Trial Balance. Please include an Income Statement, Statement of Owners Equity and a Balance Sheet.

Adjusted Trial Balance: (same as last weeks)

Account Number	Account Name	Debit Balance	Credit Balance
1000	Cash	28,904
1010	Accounts Receivable	7,899
1015	Interest Receivable	200
1020	Supplies	2,500
1030	Prepaid Insurance	9,000
1040	Truck	25,000
1045	Accumulated Amortization Truck	-14,000
1050	Equipment	15,000
1055	Accumulated Amortization Equipment	-2,500
2000	Accounts Payable		18,287
2010	Salaries Payable		1,235
2020	Line of Credit		6,750
2025	Interest Payable		101
2030	Unearned Revenue		4,300
3000	Billy Bob, Capital		28,000
4000	Services Revenue		110,289
4010	Interest Revenue		2,424
5000	Salary and Wages Expense	38,394
5010	Supplies Expense	29,154
5020	Insurance Expense	3,000
5030	Amortization Expense	4,500
5040	Advertising Expense	2,275
5050	Rent Expense	15,500
5060	Repairs Expense	3,700
5070	Interest Expense	2,860
Total Balance		$0