The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:

The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:

Account Title	Debits		Credits
Cash	33,200
Accounts receivable	10,500
Equipment	16,000
Accumulated depreciation			4,800
Salaries payable			6,250
Common stock			41,500
Retained earnings			7,150
Total	59,700		59,700

The following is a summary of the transactions for the year:

1. Service revenue, $104,000, of which $31,200 was on account and the balance was received in cash.
2. Collected on accounts receivable, $22,300.
3. Issued shares of common stock in exchange for $8,000 in cash.
4. Paid salaries, $37,750 (of which $6,250 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $20,400.
6. Purchased equipment for $10,500 in cash.
7. Paid $2,475 in cash dividends to shareholders.

1. Accrued salaries at year-end amounted to $755.
2. Depreciation for the year on the equipment is $1,600.

Required:

6. Prepare an adjusted trial balance. 7-a. Prepare an income statement for 2021. 7-b. Prepare a balance sheet as of December 31, 2021. 9. Prepare a post-closing trial balance.

The following is a summary of the transactions for the year:

1. Service revenue, $104,000, of which $31,200 was on account and the balance was received in cash.
2. Collected on accounts receivable, $22,300.
3. Issued shares of common stock in exchange for $8,000 in cash.
4. Paid salaries, $37,750 (of which $6,250 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $20,400.
6. Purchased equipment for $10,500 in cash.
7. Paid $2,475 in cash dividends to shareholders.

1. Accrued salaries at year-end amounted to $755.
2. Depreciation for the year on the equipment is $1,600.

KARLIN COMPANY Balance Sheet December 31, 2021 Assets 0 KARLIN COMPANY Post-Closing Tral Balance Account Tibe Debit Credits Cash Accounts rece Equipment Accumulated depreciation Salaries payable Common stock Retained carnings Service revenue Salaries expense Miscelaneous expenses Depreciation expense Totals Sa LO Labtes and shareholders' Equity O Credits KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Larvice rewe Salaries expense Depreciation expense Adjusted Trial Balance Account Title Debite Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals