see attached question to complete the income statement, balance sheet and statement of stocholders equity
Required Information [The following Information applies to the questions displayed below.] Aubrae and Tylor Williamson began operations of their furniture repair shop (Fumiture Refinishers, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, was as follows: Furniture Refinishers, Inc. Trial Balance on January 1, 2020 Account Titles Debit Credit Cash 5,980 Accounts receivable 4,080 Supplies 6,080 Small tools 6,080 Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) 8,080 Accounts payable 6,909 Dividends payable ayable Wages payable Interest payable Income taxes payable Unearned revenue Common stock (40,000 shares, $0. 10 par value) Additional paid-in capital 6,089 Retained earnings 13,080 Service revenue Depreciation expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 29,989 29, 989 Transactions during 2020 follow: a. Borrowed $40,000 cash on July 1, 2020, signing a one-year, 10 percent note payable. b. Purchased equipment for $19,000 cash on July 1, 2020. c. Sold 10,000 additional shares of capital stock for cash at $.50 market value per share at the beginning of the year. d. Earned $148,000 in revenues for 2020, Including $62,000 on credit and the rest In cash. e. Incurred $40,000 In wages expense and $12,000 In miscellaneous expenses for 2020, with $10,000 on credit and the rest pald with cash. Note: Wages are paid in cash. f. Purchased additional small tools, $5,000 cash. g. Collected accounts receivable, $12,000. h. Paid accounts payable, $15,000. 1. Purchased $24,000 of supplies on account. J. Received a $3,000 deposit on work to start January 15, 2021. k. Declared a cash dividend on December 1, $15,000; paid on December 31.Complete this question by entering your answers in the tabs below. Stmt of Income Statement Stockholders |Balance Sheet Equity Prepare an income statement (including earnings per share). (Round "Earnings per share" to 2 decimal places.) FURNITURE REFINISHERS, INC. Income Statement For the Year Ended December 31, 2020 Operating revenues: Operating expenses: Total operating expenses Other item: Earnings per share Stmt of Income Statement Stockholders Balance Sheet Equity Prepare a balance sheet. (Items to be deducted must be indicated with a minus sign.) FURNITURE REFINISHERS, INC. Balance Sheet At December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities 0 Stockholders' equity Equipment - Net Book Value Total stockholders equity Total assets 0 Total liabilities and stockholders' equity 0
