Problem #5

Comprehensive Problem

Requirement 4: Prepare an income statement of changes in equity and a balance sheet.

Leah May Santiago Information Systems

Worksheet
For the Year Ended December 31,2020

Unadjusted Trial Balance Adjustments

Account Title
Debit Credit Debit Credit
Cash 45,000
Notes Receivable 360,000
Accounts Receivable 156,000
Office Supplies 63,000 a. 42,000
Land 300,000
Building 1,590,000
Accumulated Depreciation-Building 254,000 c. 38,000
Equipment 2,150,000
Accumulated Depreciation-Equipment 612,000 c. 123,000
Accounts Payable 213,000
Unearned Consulting Revenue 450,000 b. 150,000
Santiago, Capital, 1/1/2020 2,655,000
Santiago, Withdrawals 600,000
Consulting Expense 2,108,000 b. 150,000
Salaries Expense 875,000 d. 14,000
Repairs Expense 116,000
Micellaneous Expense 37,000
Office Supplies Expense a. 42,000
Depreciation Expense-Building c. 38,000
Depreciation Expense-Equipment c. 123,000
Salaries Payable d. 14,000
Interest Receivable e. 24,000
Interest Revenue e. 24,000
Totals 6,292,000 6,292,000 391,000 391,000
Profit
Totals 6,292,000 6,292,000 391,000 391,000
o Information Systems

ed December 31,2020

Adjusted Trial Balance Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit
45,000 45,000
360,000 360,000
156,000 156,000
21,000 21,000
300,000 300,000
1,590,000 1,590,000
292,000 292,000
2,150,000 2,150,000
735,000 735,000
213,000 213,000
300,000 300,000
2,655,000 2,655,000
600,000 600,000
2,258,000 2,258,000
889,000 889,000
116,000 116,000
37,000 37,000
42,000 42,000
38,000 38,000
123,000 123,000
14,000 14,000
24,000 24,000
24,000 24,000
6,491,000 6,491,000 1,245,000 2,282,000 5,246,000 4,209,000
1,037,000 1,037,000
6,491,000 6,491,000 2,282,000 2,282,000 5,246,000 5,246,000