The adjusted trial balance of North Bay Corporation is provided in the following work sheet for the year ended December 31, 2020.

Instructions

The note payable is due in four months. Complete the work sheet and prepare a statement of financial position as illustrated in this appendix.

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North Bay Corporation Work Sheet (Partial) For the Year Ended December 31, 2020 Statement of Comprehensive Adjusted Trial Statement of Financial Position Balance Income Cr. Cr. Account Titles Cr. Dr. Dr. Dr. Cash 117,600 42,150 FV-NI investments Accounts receivable 56,720 Prepaid rent FV-OCI investments Equipment Accumulated depreciation- equipment Accounts payable Interest payable Notes payable Common shares Retained earnings Service revenue 11,000 33,990 219,000 81,000 54,470 4,800 60,000 100,000 133,440 211,190 Salaries and wages expense Rent expense 73,090 66,000 Depreciation expense Bad debt expense Interest expense 27,000 5,250 5,100 Investment income 5,800 6,200 Unrealized gain or loss-OCI