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.