Question

Below is the year-end adjusted trial balance for Ankush Accounting. This is Ankush's first year of operations. Ankush Accounting Trial Balance December 31, 2021 ACCOUNT Cash DEBIT CREDIT 13,000 Accounts Receivable 3,200 Office Supplies 500 Prepaid Insurance 12,000 Long-term Note Receivable 4,000 Land 100,000 Equipment 50,000 Accumulated Depreciation - Equipment 12,000 Building 170,500 Accumulated Depreciation - Building 14,000 Customer List 3,000 Notes Payable 12,000 Unearned Accounting Fees 5,000 Salaries Payable 8,000 Ankush - Capital 100,000 Ankush - Withdrawals 5,000 Accounting Fees Earned 240,000 Depreciation Expense - Building 6,000 Depreciation Expense - Equipment 4,000 Insurance Expense 900 Rent Expense 12,000 Office Supplies Expense 900 Repairs Expense 5,000 Telephone Expense 3,000 Totals $391,000 $391,000 Using the above information, a) Prepare an income statement. b) Prepare a statement of changes in equity. c) Prepare a classified Balance Sheet.

          Below is the year-end adjusted trial balance for Ankush Accounting. This is Ankush's first year of operations.
Ankush Accounting
Trial Balance
December 31, 2021
ACCOUNT
Cash
DEBIT
CREDIT
13,000
Accounts Receivable
3,200
Office Supplies
500
Prepaid Insurance
12,000
Long-term Note Receivable
4,000
Land
100,000
Equipment
50,000
Accumulated Depreciation - Equipment
12,000
Building
170,500
Accumulated Depreciation - Building
14,000
Customer List
3,000
Notes Payable
12,000
Unearned Accounting Fees
5,000
Salaries Payable
8,000
Ankush - Capital
100,000
Ankush - Withdrawals
5,000
Accounting Fees Earned
240,000
Depreciation Expense - Building
6,000
Depreciation Expense - Equipment
4,000
Insurance Expense
900
Rent Expense
12,000
Office Supplies Expense
900
Repairs Expense
5,000
Telephone Expense
3,000
Totals
$391,000
$391,000
Using the above information,
a)
Prepare an income statement.
b)
Prepare a statement of changes in equity.
c)
Prepare a classified Balance Sheet.

Below is the year-end adjusted trial balance for Ankush Accounting. This is Ankush's first year of operations.
Ankush Accounting
Trial Balance
December 31, 2021
ACCOUNT
Cash
DEBIT
CREDIT
13,000
Accounts Receivable
3,200
Office Supplies
500
Prepaid Insurance
12,000
Long-term Note Receivable
4,000
Land
100,000
Equipment
50,000
Accumulated Depreciation - Equipment
12,000
Building
170,500
Accumulated Depreciation - Building
14,000
Customer List
3,000
Notes Payable
12,000
Unearned Accounting Fees
5,000
Salaries Payable
8,000
Ankush - Capital
100,000
Ankush - Withdrawals
5,000
Accounting Fees Earned
240,000
Depreciation Expense - Building
6,000
Depreciation Expense - Equipment
4,000
Insurance Expense
900
Rent Expense
12,000
Office Supplies Expense
900
Repairs Expense
5,000
Telephone Expense
3,000
Totals
391,000391,000
Using the above information,
a)
Prepare an income statement.
b)
Prepare a statement of changes in equity.
c)
Prepare a classified Balance Sheet.

Added by Shannon A.

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