Subject: financial accounting

Question

Provided below is the adjusted trial balance of Garden Wizards.

GARDEN WIZARDS

Adjusted Trial balance

December 31, 2020

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

Required:

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

Calculate:

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