This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Debit Credit $ 44,500 $ 19, 200 69,500 21,000 9,500 145,000 11,500 13,700 4,600 67,500 250,275 250 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenge Interest income Interest expense Interont payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days) office supplies Office supplies expense Repairs expense, automobiles Salaries expense Salarios payable Unearned revenue Wages expense Totala 4,000 100 200 23,500 120,000 19,500 37,500 82,500 4,500 13,500 8,900 76,225 6,000 11,500 28,300 $546,625 $ 546,625 Dantart Use the information in the trial balance to prepare: a. The income statement for the year ended December 31, 2020. GALAVU ENTERTAINMENT Income Statement For Year Ended December 31, 2020 Revenues: Revenue Interest income $ 250,275 250 $ 250,525 Total revenues Operating Expenses: Advertising expense Depreciation expense, automobiles Depreciation expense, equipment Interest expense Office supplies expense Repairs expense, automobiles Salaries expenses Wages expense 9,500 13,700 4,600 4,000 13,500 8,900 76,725 28,300 Total operating expenses Profit 159,225 91,300 b. The statement of changes in equity for the year ended December 31, 2020, assuming that the owner made additional Investments of $17.500 during the year, GALAVU ENTERTAINMENT statement of Changes in Equity For Year Ended December 31, 2020 John Conroe, capital, January 1 Add: Investment by owner $17.500 Add: Profit 01.300 Add: Withdrawal by owner (10,500) Total 6.000 89,300 95,300 $ 0 John Conno, capital, December 31 $ 95,300 c. The balance sheet as of December 31, 2020. (Be sure to list the assets and liabilities in order of their liquidity.) GALAVU ENTERTAINMENT Balance Sheet December 31, 2020 Assets 11,500 19,200 200 82,500 4,500 Cash Accounts receivable Interest receivable Notes receivable ofice supplies Automobiles Loss: Accumulated depreciation Equipment Less: Accumulated depreciation Land Total Assets 75,500 145,000 69,500 67,500 21,000 $ 46,500 37,500 277400 $ Liabilities Accounts payable interest payable Salaries payable Tuneamed revenue 44,500 100 6,000 11,500 Unearned revenue 11,500 120,000 Long-term notes payable Total Liabilities $ 182,100 Equity John Conroe, capital 95,300 Total Liabilities and Equity $ 277400