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Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owners Equity, and Balance Sheet. Enter any decreases with a minus sign or parentheses SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 19,200 Accounts Receivable 10,600 Office Supplies 200 Expenses: Prepaid Rent 12,800 Furniture 22,500 7.700 Accounts Payable Salaries Payable Interest Payable 2,500 600 300 Total Expenses Unearned Revenue 6,400 9,000 25,400 Net Income Notes Payable Bright, Capital Bright, Withdrawals 32,700 Service Revenue 58,200 2,500 Interest Expense Rent Expense Salaries Expense Supplies Expense Total 300 3,800 4,500 1,000 110,100 110,100Assets Liabilities Less: Total Liabilities Owners Equity Total Assets Total Liabilities and Owners Equity

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SMART TOUCH LEARNING Income Statement For the Year ended 31st December 2016 Service Revenue 58,200 58,200 Total Revenue (A) Expenses: Office Supplies Depreciation Expense- Furniture Interest Expense Rent Expense Salary Expense Supplies expenses 200 2,500 300 3,800 1,000 Total Expenses(B)12,300 (12,300) 45,900 Net Income [C- A-B]SMART TOUCH LEARNING Balance Sheet As on 31st December 2016 Assets Cash Bank Accounts Receivable 19,200 10,600 Less: Allowance for Doubtful Accounts Inventory Prepaid Rent Accrued Commission Income Furniture 10,600 12,800 22,500 (7,700) Less: Accumulated Depreciation Total assets 14,800 57,400 Liabilities and Owners Equity Accounts Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Bright Capital 2,500 600 300 6,400 9,000 Less: Withdrawals Add: Net income 25,400 (32,700) 45,900 38,600 57,400 Total Liabilities and CapitalSMART TOUCH LEARNING Statement of Owners Equity For the Year ended 31st December 2016 58,100 45,900 104,000 32,700 32,700 71,300 Bright,Capital as on 1st Jan 2016 (note-1) Net Income Sub Total (A) Withdrawals during the period Sub Total (B) Bright,Capital as on 31st Dec 2016 (A-B) Note -1 Computation of Capital as on 1st January 2016 Bright Capital as on 31st Dec 2016 Add: Withdrawals during the period Bright Capital as on 1st Jan 2016 25400 32700

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