Prosented below arv the trial balance and the other information relatod to Clear Call Limital.

Clear Call t$.$imited

Trial Balance

December $31,2019$

Cash

Acounts Receivable

Allowance for Doubtful Accounts

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation$-$ Equipment

Uneamed revenue

Accounts payable

Common Stock

Retained Eamings

Service Revenue

Rent Expense

Salaries and Wages Expense

Utilities Expenses

Office Expense

Debit

$S455,500$

$s96,800$

Credit

$ $31,200$

$S,30,500$

$S,19,650$

$\backslash$table$[[S,19,650],[,9,875]]$

Other information:

Employees are paid every Friday for the five$-$day week ended on that day. Salaries amount to

$$4,000$ per week. The accounting periods ends on a Monday.

A note for $$10,000$ was received from a customer on April $1,2019.$ The note matures in one

year and bears $8\%$ interest.

An insurance premium of $$12,500$ was paid on March $1,2019,$ and was charged to Prepaid

Insurance. The premium covers a $24-$month period beginning March I, $2019.$

Fees received in advance from elients and included in Serviee Revenue initially, $$25,000.$

Equipment is being depreciated at $10\%$ per year.

A physicat count of the supplies on hand at the end of Deccmber $31,2019,$ is $$37,600.$

Rent of the building is $$4,500$ per month. The rent for $2019$ has been paid, as has that for

January, February, and March $2020.$ The total rental payment was initially recorded in Rent

Expense.

Itad debt expense for the year is $5\%$ of the accounts receivable.

Instructions

Preparv an income statement for $2019$ and a classilicd balance shect. $(35$ Points$)$Prosented below arv the trial balance and the other information relatod to Clear Call Limital.

Clear Call t$.$imited

Trial Balance

December $31,2019$

Cash

Acounts Receivable

Allowance for Doubtful Accounts

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation$-$ Equipment

Uneamed revenue

Accounts payable

Common Stock

Retained Eamings

Service Revenue

Rent Expense

Salaries and Wages Expense

Utilities Expenses

Office Expense

Debit

$S455,500$

$s96,800$

Credit

$ $31,200$

$S,30,500$

$S,19,650$

$\backslash$table$[[S,19,650],[,9,875]]$

Other information:

Employees are paid every Friday for the five$-$day week ended on that day. Salaries amount to

$$4,000$ per week. The accounting periods ends on a Monday.

A note for $$10,000$ was received from a customer on April $1,2019.$ The note matures in one

year and bears $8\%$ interest.

An insurance premium of $$12,500$ was paid on March $1,2019,$ and was charged to Prepaid

Insurance. The premium covers a $24-$month period beginning March I, $2019.$

Fees received in advance from elients and included in Serviee Revenue initially, $$25,000.$

Equipment is being depreciated at $10\%$ per year.

A physicat count of the supplies on hand at the end of Deccmber $31,2019,$ is $$37,600.$

Rent of the building is $$4,500$ per month. The rent for $2019$ has been paid, as has that for

January, February, and March $2020.$ The total rental payment was initially recorded in Rent

Expense.

Itad debt expense for the year is $5\%$ of the accounts receivable.

Instructions

Preparv an income statement for $2019$ and a classilicd balance shect. $(35$ Points$)$