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Please create income statement and balance sheet from the trial balance below. Trial Balance As of December 31st, 2005 Account Debit Credit Cash $317,300 Account
Please create income statement and balance sheet from the trial balance below.
| Trial Balance | ||
| As of December 31st, 2005 | ||
| Account | Debit | Credit |
| Cash | $317,300 | |
| Account Receivable | $1,041,696 | |
| Revenue | $1,041,696 | |
| Depreciation Expense | $12,000 | |
| Rent/Insurance | $52,000 | |
| Loan Payable | $16,700 | |
| Equity | 120,000.00 | |
| Utilities Expense | $12,000 | |
| Accumulated Depreciation | $12,000 | |
| Intangible Asset | $95,000 | |
| Wage Expense | $330,000 | |
| Account Payable | $50,000 | |
| Professional Fees | $15,000.00 | |
| Total | $1,557,696 | $1,557,696 |
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