Question

please help me with this. i will give thumb up. Thanks

-income statement, Balance Sheet, Retained Earning

1 ABC Sales 2. Adjusted Trial Balance 3 December 31, 2020 4 5 Debits Credits 6 Cash $ 980,476 7 Accounts Receivable 207,610 8 Allowance for bad debts 6,335 9 Inventory 24,584 10 Prepaid insurance 600 11 Prepaid Web Service 100 12 Equipment - Computer 4,000 13 Accumulated Depreciation - Computer 600 14 Equipment - Van 130,000 15 Accumulated Depreciation - Van 7,105 16 Buildings 67,500 17 Accumulated Depreciation - Buildings 260 18 Land 7,500 19. Office Furniture and Fixtures 100,000 20 Accounts Payable 6,000 21 Interest Payable 2.250 22 Warranties Payable 3,204 23. Current portion of notes payable 6,000 24 Current portion of mortgage payable 2,710 25 Notes Payable 24,000 26 Mortgage Payable 72,290 27 Common Stock 7,500 28 Additional paid-in-capital 1.247,500 29 Retained earnings 83,097 30 Sales Revenue 201,510 31 Cost of Goods Sold 70,776 32 Depreciation Expense 3,130 33 Miscellaneous Operating Expense 42,550 34 Salary Expense 35 Insurance Expense 22,000 125 36 Rent Expense 600 37 Interest Expense 38 Bad Debt Expense 750 39 Warranty Expense 6,045 40 Totals 2,015 $1,670,361 $1,670,361 41 42 43 44 45

Answer 1

ABC Sales

Income Statement

as on December 31, 2020

Particulars	Amounts	Amounts
Sales	201510
Cost Of goods sold	70776
Gross Profit		272286
Operating expenses	42550
Depreciation expenses	3130
Warranty expenses	2015	47695
Total Operating expenses		319981
Operating Income		-
Non Operating or other
Interest expenses	750
Total Non Operating income		750
Net Income		320731

ABC Sales Balance Sheet as on December 31,2020

Assets	Amount	Liabilities	Amount
Cash	980476	Allowances for Bad debts	6335
Prepaid insurance	600	Accounts Payable	6000
Prepaid Web service	100	Interest payable	2250
Rent expenses	600	Current portion of Notes payable	6000
Salary expenses	22000	Current portion of Mortgage payable	2710
Equipment Computer -4000 Less:Accumulated Depreciation - 600	3400	Inventory	24584
Equipment Van - 130000 Less: Accumulated Depreciation - 7105	122895
Building - 67500 Less: Accumulated Depreciation - 260	67240
Land	7500
Office Furniture and Fixtures	100000	Shareholder's Stock Common Stock	7500
Bad Debts expenses	6045	Additional paid in capital	1247500
Accounts Receivable	207610	Retained earnings	83097
Notes payable	24000
Mortagage payable	72290
Total Assets	1614756	Total Liabilities	1385976