Required information E3-20 (Algo) Analyzing, Recording, and Evaluating the Effects of Income Statement Transactions [LO 3-3, LO 3-4, LO 3-5] [The following information applies to the questions displayed below.] MyBnB started a home rental company on January 1. As of November 30, MyBnB reported the following balances. The company does not yet have a balance in Retained Earnings because this is its first year of operations so no net income has been reported in prior years. Accounts Payable Cash Cleaning Expense Common Stock $ 570 Equipment 1,900 1,710 Repairs Expense Service Revenue 5,700 Wages Expense $ 4,560 380 3,800 1,520 E3-20 (Algo) Part 5 5. Prepare an unadjusted trial balance, a preliminary income statement, statement of retained earnings, and classified balance sheet as of and for the year ended December 31. Accounts Payable Cash Cleaning Expense Common Stock Equipment Repairs Expense Service Revenue Wages Expense Total MYBNB Unadjusted Trial Balance At December 31 Debit Credit $ 570 X 1,900 1,710 x 5,700 4,560 380 3,800 X 1,520 x $ 10,070 $ 10,070 MYBNB Income Statement For the Year Ended December 31 Revenues Service Revenue Total Revenues Expenses Cleaning Expense Repairs Expense Wages Expense $ 3,800 3,800 1,710 x 380 X 1,520 Total Expenses 3,610 Net Income $ 190 MYBNB Statement of Retained Earnings Retained Earnings, January 1 $ 0 Add: Net Income 190 Less: Dividends 0 Retained Earnings, December 31 $ 190 Current Assets Cash MYBNB Balance Sheet At December 31 Total Current Assets Equipment Assets $ 1,900 1,900 4,560 Total Assets $ 6,460 Liabilities Current Liabilities Accounts Payable $ 570 X Total Liabilities 570 Stockholders' Equity Common Stock 5,700 Retained Earnings 190