ESCAPE FROM NEW YORK-TRIAL BALANCE AS AT 31 DECEMBER 2020 Debit (5) Cash Accounts Receivable Telephone...

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ESCAPE FROM NEW YORK-TRIAL BALANCE AS AT 31 DECEMBER 2020 Debit (5) Cash Accounts Receivable Telephone Expense Rent Expense Building Wages Expense Freight-In Expense General Expense Capital (1/1/20) Drawings Sales Income Freight Out Expense Accounts Payable Equipment Loan Payable Interest Payable Insurance Expense General Expenses Advertising Expense Cleaning Expense 46.000 26 300 1.200 9800 186 000 69 500 4340 17 600 12 500 2150 145 000 3.600 8600 3750 $542.940 Credit (5) 206 640 290 800 6200 38 500 800 5542.940 Requirements: a. Prepare an Income Statement for the year ended 31st December 2020. (5 marks) b. Prepare a Statement of Changes in Equity for the period and a balance sheet as at 31st December 2020. (5 marks) Income Statement For the Year Ending 31/12/20 Statement of Changes in Equity For the Year Ending 31/12/20 $ $ $ $ Balance Sheet As at 31/12/20 $ $ Balance Sheet As at 31/12/20 $ $ ESCAPE FROM NEW YORK-TRIAL BALANCE AS AT 31 DECEMBER 2020 Debit (5) Cash Accounts Receivable Telephone Expense Rent Expense Building Wages Expense Freight-In Expense General Expense Capital (1/1/20) Drawings Sales Income Freight Out Expense Accounts Payable Equipment Loan Payable Interest Payable Insurance Expense General Expenses Advertising Expense Cleaning Expense 46.000 26 300 1.200 9800 186 000 69 500 4340 17 600 12 500 2150 145 000 3.600 8600 3750 $542.940 Credit (5) 206 640 290 800 6200 38 500 800 5542.940 Requirements: a. Prepare an Income Statement for the year ended 31st December 2020. (5 marks) b. Prepare a Statement of Changes in Equity for the period and a balance sheet as at 31st December 2020. (5 marks) Income Statement For the Year Ending 31/12/20 Statement of Changes in Equity For the Year Ending 31/12/20 $ $ $ $ Balance Sheet As at 31/12/20 $ $ Balance Sheet As at 31/12/20 $ $

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ESCAPE FROM NEW YORK Income Statement for the year ended 31 December 2020 Revenue Sales Income290800 ... View the full answer