Question: Please help me with this problem. Thank you Problem 4-5A Financial statements LO6 MY Autobody's adjusted trial balance on December 31, 2020, appears in the

Please help me with this problem.

Thank you

Please help me with this problem.Thank you Problem 4-5A Financial statements LO6MY Autobody's adjusted trial balance on December 31, 2020, appears in thework sheet as follows: No. Account Debit Credit 101 Cash $ 28,000 124 Shop supplies 1, 800 128 Prepaid insurance 4, 200 167

Problem 4-5A Financial statements LO6 MY Autobody's adjusted trial balance on December 31, 2020, appears in the work sheet as follows: No. Account Debit Credit 101 Cash $ 28, 000 124 Shop supplies 1, 800 128 Prepaid insurance 4, 200 167 Equipment 88,000 168 Accumulated depreciation, equipment $ 7,500 201 Accounts payable 19,000 210 Wages payable 8, 860 301 Mike Yang, capital 140,000 302 Mike Yang, withdrawals 36,000 401 Repair revenue 157, 630 612 Depreciation expense, equipment 8, 500 623 Wages expense 104, 500 637 Insurance expense 1, 900 640 Rent expense 52, 350 650 Office supplies expense 4,800 690 Utilities expense 2,940 Totals $332, 990 $332 , 990There were no investments by the owner during the year. Prepare an income statement for the year ended December 31, 2020 MY AUTOBODY Income Statement For Year Ended December 31, 2020 Revenues: Operating expenses: Total operating expensesPrepare a statement of changes in equity for the year ended December 31, 2020. MY AUTOBODY Statement of Changes in Equity For Year Ended December 31, 2020 Mike Yang, capital, January 1 Mike Yang, capital, December 31Prepare a balance sheet at December 31, 2020. MY AUTOBODY Balance Sheet December 31, 2020 Assets Current assets: Total current assets Property, plant and equipment: Total assets Liabilities Current liabilities: Total current liabilities Equity Total liabilities and equity

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!