William Calvin owns and operates Sales Consulting, an unincorporated consulting firm. The following information is based on December 31, 2020 year end ending balances for the firm. (All amounts are in 000s).

Accounts payable $ 1,860

Accounts receivable 3,340

Cash 1,705

Drawings, W. Calvin 4,800

Fees earned 10,600

Insurance expense 900

Investments, W. Calvin 1,500

Prepaid insurance 80

Supplies 120

Telephone expense 480

W. Calvin, capital, beginning of year 3,755

Wages expense 6,890

Wages payable 600

Instructions

1. Prepare a. Trial Balance (2 marks)

b. Income statement (2 marks)

c. Statement of owners equity (1.5 marks)

d. Balance sheet (2 marks)

2. Show the total amounts of

a. Expenses (1 mark)

b. Revenues (1 mark)

c. Assets (1 mark)

d. Liabilities (1 mark)

e. Basic accounting equation (1 mark)