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Colleges-R-Us Inc. is at the end of 2020, the firm must prepare and file their...

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Accounting

Colleges-R-Us Inc. is at the end of 2020, the firm must prepare and file their financial statements with the SEC. However, the Columbus virus has infected the accountants computer and scrambled the financial statements. All of the account balances except Retained Earnings are CORRECT. REQUIRED: You must use the data to reconstruct the classified Balance Sheet and Income Statement for 2020. Retained Earnings ????? Equipment $60,000 Income Tax Expense $3,200 Accumulated Depreciation $31,200 Accounts Receivable $40,000 Revenue $60,000 Operating Expense $10,000 Taxes Payable $800 Cash $25,200 Land $72,000 Utilities Expense $7,800 Interest Payable $8,300 Rent Revenue $4,700 Prepaid Insurance $5,000 Common Stock $45,900 Loan Payable (DUE 2026) $68,000 Office Supplies $4,800 Salary Expense $31,000 Depreciation Expense $2,000 Accounts Payable $22,000 Additional information - Shoes did not declare or pay any dividends during 2020. - The Retained Earnings at the start of 2020 were $20,100. - Please LABEL your numbers. If you dont have proper labels for your numbers, you wont receive any points.

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