Using the information below, prepare the following financial statements for Company ABC's 2020 and 2021, ended...

 

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Using the information below, prepare the following financial statements for Company ABC's 2020 and 2021, ended December 31, using the formats for basic financial statements shown in the Unit 1 Financial Statements videos. 2020 was Company ABC's first year of operating. a) Income Statement (also called Statement of Comprehensive Income) b) Statement of Changes in Equity (also called the Statement of Retained Earnings) c) Balance Sheet (also called Statement of Financial Position) Accounts Payable Accounts Receivable Bank Loan, 10-year Building, net Cash Common Shares Issued Cost of Goods Sold (COGS) Depreciation Expense - Building Depreciation Expense - Truck Income Tax Expense Interest Expense Inventories Note Payable, 3-month Note Payable, 6-month Office Supplies Other non-current assets Prepaid Rent Salaries Expense Sales Revenue Truck, net Utilities Expense $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2020 62,000 38,000 125,000 275,000 5,000 100,000 500,000 40,000 25,000 20,000 50,000 10,000 13,000 1,000 75,000 15,000 275,000 1,000,000 200,000 10,000 $ 80,000 $ 16,500 $ 100,000 $ 235,000 $ 35,000 $ 25,000 $ 500,000 $ $ $ $ $ $ $ 2021 $ $ $ 40,000 25,000 39,000 50,000 7,500 13,000 500 140,000 15,000 $ 270,000 $ 1,000,000 $ 175,000 $ 10,000 Using the information below, prepare the following financial statements for Company ABC's 2020 and 2021, ended December 31, using the formats for basic financial statements shown in the Unit 1 Financial Statements videos. 2020 was Company ABC's first year of operating. a) Income Statement (also called Statement of Comprehensive Income) b) Statement of Changes in Equity (also called the Statement of Retained Earnings) c) Balance Sheet (also called Statement of Financial Position) Accounts Payable Accounts Receivable Bank Loan, 10-year Building, net Cash Common Shares Issued Cost of Goods Sold (COGS) Depreciation Expense - Building Depreciation Expense - Truck Income Tax Expense Interest Expense Inventories Note Payable, 3-month Note Payable, 6-month Office Supplies Other non-current assets Prepaid Rent Salaries Expense Sales Revenue Truck, net Utilities Expense $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2020 62,000 38,000 125,000 275,000 5,000 100,000 500,000 40,000 25,000 20,000 50,000 10,000 13,000 1,000 75,000 15,000 275,000 1,000,000 200,000 10,000 $ 80,000 $ 16,500 $ 100,000 $ 235,000 $ 35,000 $ 25,000 $ 500,000 $ $ $ $ $ $ $ 2021 $ $ $ 40,000 25,000 39,000 50,000 7,500 13,000 500 140,000 15,000 $ 270,000 $ 1,000,000 $ 175,000 $ 10,000