Tulo's was founded in January 2013. Presented below are adjusted and unadjusted trail balances as of December 31, 2020.

Tulo's

Trial Balance

December 31, 2020

unadjusted adjusted

	Dr.	Cr.	Dr.	Cr.
cash	25,000		25,000
Accounts receivable	19,000		23,200
supplies	8,600		2,200
prepaid insurance	3,050		2,300
equipment	67,000		67,000
accumulated depreciation-equipment		31,000		37,000
accounts payable		5,000		5,000
interest payable		-0-		300
notes payable		10,000		10,000
unearned service revenue		7,400		6,000
salaries and wages payable		-0-		1,200
common stock		12,000		12,000
retained earnings		5,500		5,500
service revenue		72,200		77,800
salaries and wages expense	16,200		17,400
insurance expense			750
interest expense	450		750
depreciation expense			6,000
supplies expense			6,400
rent expense			3,800
totals	143,100	143,100	154,800	154,800

(1) Journalize the annual adjusting entries that were made (if no entry is required select 'no entry' and enter 0 for amounts).

(2) Prepare an income statement for the year ending December 31, 2020

(3) Prepare a statement of retained earnings for the year ended December 31, 2020

(4) Prepare an unclassified balance sheet at December 31 - showing assets and liabilities and stockholder's equity

(5) Answer the following questions (round interest rate to 0 decimal places, e.g. 7%): Question 1: If the note has been outstanding 3 months, what is the annual interest rate on that note? Question 2: if the company paid $18,400 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019?

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