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The trial balance of the Jenifer Mullins Company as of December 31, 2020 is presented below. Calculate the totals on the trial balance. Prepare an
The trial balance of the Jenifer Mullins Company as of December 31, 2020 is presented below. Calculate the totals on the trial balance. Prepare an income statement, statement of owner's equity and a balance sheet for the year ended (date of), December 31, 2020. Every yellow cell requires either an account title or a dollar amount. Use the dropdown list to select the proper account titles. Enter a formula to enter all dollar amounts. Credit Jenifer Mullins Company Trial Balance December 31, 2020 Debit Cash $5,200 Accounts receivable 900 Inventory 10,600 Prepaid insurance 3,300 Buildings 26,900 Accounts payable Unearned subscriptions Jenifer Mullins, Capital Jenifer Mullins, Withdrawals 1,100 Subscriptions revenue Rental revenue Wages expense 2,300 Utilities expense 1,900 Rent expense 1,200 Totals $52.400 $7.100 3,900 34,500 6,700 1,200 453 400 1) Prepare an income statement for Jenifer Mullins Company for the year ended December 31, 2020 Jenifer Mullins Company Income Statement For Year Ended December 31, 2020 Revenues Subscriptions revenue $6,700 Rental revenue 1,200 Total revenues Expenses Wages expense 2,300 Utilities expense 1,900 Rent expense Total expenses Net income $7,900 1.200 5,400 $2.500 2) Prepare a statement of owner's equity for Jenifer Mullins Company for the year ended December 31, 2020. The owner invested $5,200 during the current year (Cell D52). Hint: You must calculate the beginning balance in the capital account. Jenifer Mullins Company Statement of Owner's Equity For Year Ended December 31, 2020 Jenifer Mullins, Capital, January 1, 2020 Investment by owner Net income Subtotal Withdrawals by owner Jenifer Mullins, Capital, December 31, 2020 5,200 2.500 1,100 3) Prepare a balance sheet for Jenifer Mullins Company at December 31, 2020. Jenifer Mullins Company Balance Sheet December 31, 2020 Assets Cash $5,200 Accounts receivable 900 Inventory 10,600 Prepaid insurance 3,300 Buildings 26,900 Total assets Liabilities and Equity Liabilities Accounts payable $7.100 Unearned subscriptions 3.900 Total liabilities Equity Jenifer Mullins, Capital Total liabilities and equity $46,900 $11,000 This is not the year-end capital amount
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