Q No 3: (B)

LAWN PRIDE, INC

Adjusted trial balance

Dec 31, 2020

Cash	58,525
Accounts Receivable	4800
Unexpired insurance	8000
Prepaid rent	3000
Supplies	1075
Trucks	150,000
Accumulated depreciation trucks		120,000
Mowing equipment	20,000
Accumulated depreciation mowing equipment		12,000
Accounts payable		1,500
Notes payable		50,000
Salaries payable		900
Interest payable		150
Income taxes payable		1,050
Unearned mowing revenue		900
Capital stock		20,000
Retained earning		30,000
Dividends	5,000
mowing revenue earned		170,000
Insurance expense	2,400
Office rent expense	36,000
Supplies expense	5,200
Salary expense	60,000
Depreciation expense , trucks	30,000
Depreciation expense , mowing equipment	4,000
Repair and maintenance expense	3,000
Fuel expense	1,500
Miscellaneous expense	5,000
Interest expense	3,000
Income taxes expense	6,000

a. Prepare income statement and statement of owners equity for the year ending Dec 31, 2020

b. Also prepare the balance sheet dated Dec 31, 2020