The following information is available for the required adjusting entries:
-A physical count of supplies revealed that $6,500 of supplies were remaining as of 31 December.
-Depreciation for the year was $2,400.
Interest has not yet been recorded on the notes payable which was taken out on 1 July with a 4% annual interest rate.
The note has a two-year term and principal and interest are due on the maturity date.
- $5,000 wages earned since 24 December. Payroll has not yet been paid or recorded.
-. Income tax expense of $1,600 is due in 2020.
Required: (all well-formatted and linked or formulas)
1. Record the adjusting entries in the adjustments columns above and prepare the adjusted trial balance. IN-CLASS or via TUTORIAL
2. Prepare a classified income statement (including EPS) for the year ended 31 December.
3. Prepare a statement of stockholders' equity for the year ended 31 December, linking to I/S as appropriate.
4. Prepare a classified balance sheet as of 31 December, linking to Stmt of Equity as appropriate.

Account titles

cash: 42,000 (debit). Accounts Receivable: 6,000(debit) supplies: 8000 (debit) equipment 18,000 (debit) other assets: 2,000 (debit) accounts payable: 24,000 (credit) long term notes payable: 10,000 (credit) common stock: 20,000 (credit) service revenue 55,000 (credit). Wages expense: 23,000 (debit). supplies expense: 10,000 (debit). totals debit: 109,000 totals credit: 109,000