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Accounting Case study $ $ $ 10,200 30,000 49,100 257,180 23,400 6,600 60,000 560 Today, December 31, Account Current balance 2020, you join as a new intern in Accumulated depreciation equipments Capital stock Abacus Consulting Service, Cash Inc which is a corporation that consulting fees earned Consulting fees receivable has an accounting cycle of 1 year Depreciation expense: equipment ending on December 31st of Dividends Dues and subscription expense every calendar year. However, it Equipment adjusts its accounts on Income taxes expense monthly basis. It has not passed Income taxes payable Miscellaneous expenses the adjusting entries yet though. Notes payable When the Finance department Prepaid dues and subscriptions Prepaid office rent assigns you your first task, it Rent expense also allows you to access the Retained earnings XXXXX Salaries expense Supplies of retrieving current balances Supplies expense 1,600 only. The list at the right Telephone expense 2,550 Unearned consulting fees $ 5,950 provides you with all the firm's $ $ $ $ $ $ $ $ $ a 36,000 51,000 12,000 4,200 5,000 300 $ 6,300 $ $ $ 22,000 88,820 accounts database to the extent $ $ $ 600 $ accounts in alphabetical order, as of December 31, 2020: Kindly replace XXXXX with my date of birth written as currency. I born on March 02, 2000, you replace XXXXX by 2,032,000 (converted from 02/03/2000) Moreover, the accounting department also informs you of the following facts about the firm activities in December: On December 1st, the firm has signed a three-month rental agreement paying all of $6,300 in advance. It has utilized dues and subscriptions worth $50 during the month They now have $450 of supplies left in stock today. The Equipment account you found from the database has 5 years of expected useful life, and the Notes payable account is interest bearing with $100 interest payment accrued for this month. This amount is not payable right away though and is payable few months later when the loan matures. Out of the consulting cash you took from a client in advance, you have served them partially during December and you could record your consulting revenue worth $2,850. There is another client you consulted in December worth $11,000 and sent them the bill. They have not paid yet though. You owe your employees a total of $1,700 this month, however you transfer salaries till the 5th of every month, after you arrange enough cash from other sources. The firm owes a total of $56,000 to tax authorities this year. They have already paid $39,000 in cash before December and plan to pay the rest later next year. (Hint: A look at the firm's accounts reveals that $51,000 worth of Income Tax Expense has already been expensed out before December). Please execute the following tasks as assigned by the Finance Department: Q.3. Prepare the income statement for the firm