Prepare the financial statements for Rubens Cubic Storage.

Income statement 

Statement of changes  in equity 

Prepare a classified balance sheet

 

Part #4-Long Problems (32 marks) 35 Minutes Use the adjusted trial balance below to answer the following questions: Account Cash Accounts receivable Office supplies Prepaid insurance Long term note receivable Land Reuben's Cubic Storage Trial Balance For Year Ended December 31, 2020 Equipment Accumulated depreciation, Equipment Building Accumulated depreciation, Building Customer list 17 Notes payable Unearned accounting fees earned Salaries payable Reuben, capital Reuben, withdrawals Accounting fees earned Depreciation expense, Building Depreciation expense, Equipment Insurance expense Rent expense Office supplies expense Repairs expense Telephone expense Totals Debit $3,050 400 830 80 4,200 98,000 115,000 98,000 900 5,000 500 600 100 1,100 900 5,000 1,000 $334,660 Credit $1,100 28,000 11,000 3,000 7,000 10,000 274,500 $334,660 Required: (using proper format for below financial statements) a. Prepare an income statement for the year ended December 31, 2020. (12 marks) b. Prepare a statement of changes in equity for the year ended December 31, 2020. Mr. Clausen's capital account balance of $10,000 consists of a $5,000 balance on January 1, 2020, plus an additional $5,000 investment during 2020. (8 marks) c. Prepare a classified balance sheet at December 31, 2020. (12 marks)