Required:

1. Prepare the following statements of the company from the data given above:

1. Income Statement for the year ending at December 31, 2020
2. Retained Earnings Statement for the year ending at December 31, 2020

Balance Sheet as at December 31, 2020

Adjusted Trial balance December 31, 2020 Debit Balances Rs. Cash 6600 Rs. Credit Balances Accumulated Depreciation: 450 Furniture and fixtures 220 Accounts Payable 1600 Notes Payable 1800 Salaries Payable 900 Interest payable 10000 Unearned Services Revenue 6200 Capital Stock 12000 Retained Earning 300 Services Revenue 48000 Accounts Receivable Unexpired Insurance Prepaid Rent Office Supplies Furniture and fixtures Insurance Expense Office Rent Expense Supplies Expense Salary expense Depreciation expense: furniture and fixtures Office and telephone expense Internet service expense. Legal expense Interest expense Miscellaneous expense 7100 24000 2100 170 600 4000 2000 56700 1200 4600 7200 1800 2700 4300 Total 103,270 Total 103,270