Prepare financial Statements

The partial worksheet of Wild West Off Road Adventures at December 31, 2020, the end of its fiscal year, is presented below. E: (Click the icon to view the partial worksheet.) Prepare the financial statements of Wild West Off Road Adventures We will begin with the income statement. Start by completing the heading, and then choose the accounts and enter the corresponding amounts. (Abbreviations used: furn. = furniture; build. = building.) Wild West Off Road Adventures Income Statement For the Year Ended December 31, 2020 Revenue: Expenses Total expenses Net income Next, prepare the statement of owner's equity by completing the heading, selecting the correct labels, and entering the corresponding amounts (Abbreviations used: furn. = furniture; build. = building.) Add Less: Our final statement is the balance sheet. Begin by completing the heading, and then choose the account names and amounts for assets, followed by liabilities and owner's equity. (Abbreviations used: furn. = furniture; build. = building.) Assets Liabilities Total liabilities Owner's Equity Total assets Total liabilities and owner's equity Account Cash Accounts receivable Supplies Furniture Accumulated amortizationfurn. Building Accumulated amortizationbuild. Land Accounts payable Salaries payable Unearned service revenue Segri Ericsson, capital Segri Ericsson, withdrawals Service revenue Wild West Off Road Adventures Worksheet December 31, 2020 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 7,600 8,300 700 30,000 8,700 74,000 53,100 38,000 2.600 750 4,800 77,400 33,000 Balance Sheet Debit Credit 7,600 8,300 700 30,000 8,700 74,000 53,100 38,000 2,600 750 4,800 77,400 33,000 72,900 72,900 18,750 Salaries expense Supplies expense Amortization expense-furn. Amortization expense-build. 18,750 2,100 3,300 3,100 1,400 2,100 3,300 3,100 1,400 Miscellaneous expense Total 220,250 220,250 72,900 191,600 28,650 44,250 147,350 44,250 Net income 72,900 72,900 191,600 191,600