The following are the trial balance and the other information related to Bruce Riverbed, who operates a construction hauling business.

RIVERBED TRIAL BALANCE DECEMBER 31, 2020
		Debit			Credit
Cash		$33,500
Accounts Receivable		47,400
Allowance for Doubtful Accounts					$3,050
Supplies		3,180
Prepaid Insurance		1,600
Equipment		33,000
Accumulated DepreciationEquipment					4,000
Notes Payable					9,600
Owners Capital					45,090
Service Revenue					95,410
Rent Expense		7,800
Salaries and Wages Expense		28,750
Utilities Expenses		1,280
Office Expense		640
		$157,150			$157,150

1.		Fees received in advance from clients $6,000, which were recorded as revenue.
2.		Services performed for clients that were not recorded by December 31, $5,900.
3.		Equipment is being depreciated at 8% per year.
4.		Bad debt expense for the year is $1,440.
5.		Insurance expired during the year $500.
6.		Riverbed gave the bank a 90-day, 5% note for $9,600 on December 1, 2020.
7.		Rent of the building is $600 per month. The rent for 2020 has been paid, as has that for January 2021.
8.		Office salaries and wages earned but unpaid December 31, 2020, $1,520.

Riverbed withdrew $12,000 cash for personal use during the year.

(I) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation.)

(II) Prepare an income statement for 2020.

(III) Prepare a statement of owners equity for 2020. (List items that increase owner's equity first.)

(IV)Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity.)