XYZ IS LIABLE FOR INCOME TAX @ 25 %

XYZ commenced operations on January 1st 2019. The unadjusted Trial Balance for the first year of operations is given below XYZ limited Unadjusted Trial Balance for the year ended 12/31/2019 Cr Dr 40,000 40,000 40,000 200,000 Cash Supplies Accounts receivable Equipment Notes Payable Contributed Capital Revenue Wages Expenses Other Expenses Total 60,000 40,000 300,000 60,000 20,000 400,000 400,000 Notes: Supplies in the warehouse as of 12/31/2019 were determined to be $10,000 Equipment was purchased on 01/01/2019 and will be depreciated over 5 years. There is no salvage value. After the unadjusted trial balance was prepared, Dividends of $30,000 were declared for the year ended 12/31/2019. Prepare an Income Statement and Balance Sheet in good form (i.e. Important to show the headings correctly)