You should prepare an Income Statement, Changes in Stockholders' Equity, and Balance Sheet based off of the chart of accounts and balances located in the

Chart of Account worksheet.

Lawpo Designs, Inc. Income Statement 12/31/2020 Revenues: Gross profit Operating expenses: Net income Lawpo Designs, Inc. Chart of Accounts 12/31/2020 105 Cash 15.000 120 Supplies expense 150 150 Accounts receivable 2,500 201 Land 3,000 211 Building 230,000 212 Accum Depreciation Build (50,0007 221 Equipment 40,000 222 Accum Depreciation 300 Accounts payable 301 Wages payable 401 Notes payable 550 Design fees earned Equip (15.000 (1,250) (1,000 (12.000 (225,000) Beginning balance 595 Common stock (50,000 598 Retained Earnings Beginnng balance (20,850) 599 Dividends 601 Cost of goods sold 701 Advertising expense 703 Delivery expense 725 Salaries expense 25,000 12,500 1,100 52.000 727 Supplies expense 350 733 Rent expense 12,000 751 Utilities expense 6,500 Common stock issued during the year (25,000) Lawpo Designs, Inc. Statement of Changes in Stockholders' Equity 12/31/2020 Paid in capital: Retained Earnings Total Stockholde rs' equity Lawpo Designs, Inc. Balance Sheet 12/31/2020 Assets Current Assets Property, Plant, & Equipment Equipment Accum Depreciation Equip 40,000 (15,000) 25,000 Total Property, Plant, & Equipment Total Assets Liabilities Current Liabilities Long-Term Liabilities Stockholders Equity Total Stockholders equity Total Liabilities & Stockholders Equity