Ensley, Inc.
Adjusted Trial Balance
December 31, 2020
Debit
Credit
Cash
83,050
Accounts Receivable
220,000
Prepaid Insurance
24,000
Supplies
2,700
Inventory
48,000
Equipment
160,000
Accumlated Depreciation- Equipment
30,000
Accounts Payable
159,500
Interest Payable
1,333
Wages Payable
500
Unearned Revenue - Alarm Systems
4,000
Long-Term Bank Note Payable
100,000
Common Stock
75,000
Retained Earnings
84,050
Dividends
7,000
Revenue
403,000
Cost of the Goods Sold
132,500
Depreciation Expense - Equipment
0
Insurance Expense
12,000
Interest Expense
1,333
Rent Expense
24,000
Supplies Expense
3,600
Utilities Expense
8,700
Wage Expense
130,500
Totals
$857,383.30
$857,383.30
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Ensley, Inc.
Statement of Retained
Earnings
Month End December 31,
2020
Retained Earnings, December 1,
2020
$84,050
Net income for the year
$90,367
$327,617
Dividends
$7,000
Retained Earnings, December
31, 2020
$320,617
_______________________________________________________-
(Not sure Retained Earnings is correct. If you notice something
wrong please correct it)
Here's the income statement:
Ensley, Inc.
Income Statement
Month End December 31,
2020
Debit
Credit
Revenue
Service Revenue
$403,000
Expenses
Cost of Goods Sold
$132,500
Depreciation Expense -
Equipment
$0
Insurance Expense
$12,000
Interest Expense
$1,333
Utilities Expense
$8,700
Rent
Expense
$24,000
Wage Expense
$130,500
Supplies Expense
$3,600
Total Expenses
$312,633
Net Income
$90,367
___________________________________________________________
QUESTION: Using the Adjusted Trial Balance and Statement of
Retained Earnings, prepare the Balance Sheet for Ensley, Inc.
Thank you!!!