Use the trial balance as of December 31, 2020 (provided on the Connect homepage, under the exam) to create a multistep income statement and a classified balance sheet.

Helpful Information: Insurance was prepaid 5 months in advance All payroll taxes will be paid within the next quarter Unearned Revenue is for an event that will take place in October of 2021 The Retained Earnings balance given does not account for income/loss that has occurred in 2020.

Credit Debit 17,000 14,000 1,600 Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash Equipment Inventory Land Notes Receivable (Long-term) Prepaid Insurance Supplies COGS Income Tax Expense Insurance Expense Interest Expense Rent Expense Salaries and Wages Expense Travel Expense Utilities Expense Accounts Payable FICA Payable Notes Payable (LT) Unearned Revenue Unemployment Taxes Payable Withheld Income Taxes Payable Additional Paid in Capital Common Stock Retained Earnings Treasury Stock Sales Revenue Totals 120,000 120,000 62,100 100,000 40,000 1,500 3,500 175,000 14,000 9,600 1,200 60,000 80,000 4,500 12,000 Net 45,000 14,000 25,000 4,000 8,500 12,000 60,000 25,000 121,300 60,000 550,000 880,400 880,400 Income Statement Balance Sheet Operating Expenses Total Operating Expenses Income from Operations Income Statement Balance Sheet Current Assets Current Liabilities Total Current Liabilities Total Current Assets Total Liabilities Stockholder's Equity Total Current Liabilities Total Current Assets Total Liabilities Stockholder's Equity Total Assets Total Stockholder's Equity Total Liabilities & SE