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7:17 1 now 34,400 3,600 35,800 danique Are online on tophat now V. Nicholas, capital O. Nicholas, drawings Service revenue Interest expense 150 Rent expense 6,600 Salaries expense 12,555 Telephone expense 1,540 $87,760 $87,760 Instructions: a. Prepare an income statement for the year ended Dec 31. Check Your Work: Profit = $14,955 b. Prepare a statement of owner's equity for the year ended Dec 31. Check Your Work: Beg Balance + Profit (or - Loss) - Drawings (aka Dividends) = End Balance Check Your Work: End Balance = $45,815 c. Prepare a balance sheet at the end of Dec 2021. Check Your Work: Total Assets = $63,315 Check Your Work: Total Liabilities = $17,500 7:17 7 The owner of ABC Corp., prepared the followinx trial balance on Dec 31, 2021. Credit Trial Balance December 31, 2021 Debit Cash $ 5,500 Accounts receivable 20,380 Supplies 3,320 Prepaid insurance 4,450 Prepaid rent 2,265 Equipment 27,400 Unearned revenue Notes payable O. Nicholas, capital O. Nicholas, drawings 3,600 Service revenue Interest expense 150 Rent expense 6,600 Salaries expense 12,555 Telephone expense 1,540 $87,760 $ 2,500 15,000 34,460 35,800 $87,760 Instructions: a. Prepare an income statement for the year ended Dec 31. Check Your Work: Profit = $14,955 b. Prepare a statement of owner's equity for the year ended Dec 31

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