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Stark Technology adjusted trial balance on December 31, 2020 appears in the worksheet as follows:

No.	Account	Debit	Credit
101	Cash	$57,850
124	Supplies	$2,150
128	Prepaid insurance	$3,800
167	Equipment	$145,000
168	Accumulated depreciation, equipment		$24,000
201	Accounts payable		$16,800
210	Wages payable		$6,300
301	Tony Stark, capital		$210,000
302	Tony Stark, withdrawals	$75,000
401	Revenue		$200,000
612	Depreciation expense, equipment	$24,000
623	Wages expense	$93,000
637	Insurance expense	$1,500
640	Rent expense	$41,000
650	Office supplies expense	$5,500
690	Utilities Expense	$8,300
	Totals	$457,100	$457,100

Required using the worksheets provided

1. Prepare the closing entries.

2. Prepare the post-closing trial balance at December 31, 2020.

3. Prepare the income statement, statement of changes in equity and a classified balance sheet as at December 31, 2020.

Requirement 1

	General Journal		Page 1
Date	Account Titles and Explanation	Debit	Credit

Requirement 2

Post-closing Trial Balance
No.	Account	Debit		Credit
101	Cash
124	Supplies
128	Prepaid insurance
167	Equipment
168	Accumulated depreciation, equipment
201	Accounts payable
210	Wages payable
301	Tony Stark, capital
302	Tony Stark, withdrawals
401	Revenue
612	Depreciation expense, equipment
623	Wages expense
637	Insurance expense
640	Rent expense
650	Office supplies expense
690	Utilities Expense
	Totals
Requirement 3
Income Statement
Revenues
Operating Expenses
Total Operating Expenses
Profit/Loss

Answer & Explanation Solved by verified expert

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