Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. ccount No. 01 12 30 8,900 10,700 2,800 24,500 57 58 1 12 31 4,600 8,900 2,300 19,700 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals 11,000 60,500 60,500 36 DO 22 11 22 26 32 1,600 3,300 2,000 30,000 1,200 60,500 57,900 38.100 22,400 60.500 35,500 22,400 Net Income 60.500 57,900 57.900 e lenovo IVANHOE COMPANY Income Statement > Revenues Service Revenue 60,500 Expenses Maintenance and Repairs Expense 1,600 Depreciation Expense 3,300 Insurance Expense 2,000 Salaries and Wages Expense 30,000 Utilities Expense 1,200 Total Expenses 38,100 > Net Income / (LOSS) 22,400 IVANHOE COMPANY Owner's Equity Statement For the Year Ended December 31, 2020 Owner's Capital, January 1 19,700 Add Net Income /(LOSS) 22,400 42,100 Less Drawings 11,000 Owner's Capital, December 31 31,100 Prepare a classified balance sheet. (List Current Assets in order of liquidity.) IVANHOE COMPANY Balance Sheet Assets Current Assets Cash 8,900 $ Accounts Receivable 10,700 > Prepaid Insurance 2,800 Total Current Assets 22,400 Property, plant and Equipment Equipment 24,500 Less Accumulated Depreciation Equipment 4,600 19,900 42,300 Total Assets Liabilities and Owner's Equity Current Liabilities Accounts Payable 8,900 Salaries and Wages Payable 2,300 > Total Current Liabilities 11,200 Owner's Equity > Owner's Capital 31,100 Total Liabilities and Owner's Equity 42,300 Prepare the closing entries. L. Ivanhoe did not make any additional Investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dehit Credit Date Account Titles and Explanation Dec 31 Service Revenue 60,500 Income Summary 60,500 (To close revenue account) Dec. 31 Income Summary 38.1001 Depreciation Expense 3,300 Insurance Expense 2,000 Salaries and Wages Expense 30,000 Utilities Expense 1,200 Maintenance and Repairs Expense 1,600 (TO dose expense accounts) Dec. 31 Income Summary 22,400 Owner's Capital 22,400 (To close net income / (loss)) Dec. 31 Owner's Capital 11,000 Owner's Drawings 11,000 (To close drawings) Owner's Capital No. 301 12/31 11,000 1/1 Bal. 19,700 12/31 22,400 12/31 Bal. 31,000 Owner's Drawings No. 306 12/31 Bal v 11,000||| 12/31 11,000 Income Summary No. 350 12131 38,100 12/31 60,500 12/31 22,400 12/31 Bal. Service Revenue No. 400 12/31 60,500 12/31 Bal. 60,500 Maintenance and Repairs Expense No. 622 12/31 Bal. 1,600||| 12/31 1,600 Depreciation Expense No. 711 12/31 Bal. 3,300 3,300 12/31 Insurance Expense No. 722 12/31 Bal. 2,000 2,000||| 12/31 Salaries and Wages Expense No. 726 12721 30.000 30,000 || 12/31 Utilities Expense No. 732 1,200|| 12/31 1.200 ch RI e lenovo (d) Prepare a post-closing trial balance. IVANHOE COMPANY Post-Closing Trial Balance Debit Credit Totals $ Click if you would like to Show Work for this question: Open Show Work arch et e E lenovo