Use the information below to prepare the Balance Sheet as of December 31. Glow Styling Adjusted...

Use the information below to prepare the Balance Sheet as of December 31.

Glow Styling
Adjusted Trial Balance
December 31
Account Title	Debit	Credit
Cash	$4,200.00
Rent Receivable	$200.00
Prepaid Insurance($1480-$1240)	$240.00
Shop Supplies(Given)	$210.00
Shop Equipment	$3,860.00
Building	$57,500.00
Land	$55,000.00
Accumulated Depreciation-Shop Equipment($770+$350)		$1,120.00
Accumulated Depreciation-Building($3840+$2220)		$6,060.00
Wages Payable($50*4)		$200.00
Property Taxes Payable(given)		$450.00
Interest Payable(given)		$600.00
Unearned Rent($1600-$800)		$800.00
Long Term Note Payable		$50,000.00
G.Capital		$49,860.00
Rent Earned($2400+$200+$800)		$3,400.00
Fees Earned		$23,400.00
Wages Expense($3200+$200)	$3,400.00
Utilities Expense	$690.00
Property Taxes Expense($600+$450)	$1,050.00
Insurance Expense	$1,240.00
Shop Supplies Expense($990-$210)	$780.00
Depreciation Expense-Shop Equipment(Given)	$350.00
Depreciation Expense-Building(Given)	$2,220.00
Interest Expense($4350+$600)	$4,950.00
Total	$ 1,35,890.00	$ 1,35,890.00

Expert Solution

	Income statement
	Rent earned	3400
	Fees earned	23400
	Total revenue		26800
	Expense
	Wages expense	3400
	Utilities expense	690
	property tax expense	1050
	Insurance expense	1240
	Shop supplies expense	780
	Depreciation expense shop equipment	350
	Depreciation expense building	2220
	Interest expense	4950
	Total expense		14680
	Net income		12120

	Capital
	Beginning	49860
Add	Net income	12120
	Drawings	0
	Ending	61980

	Balance sheet
	Assets
	Current assets
	Cash	4200
	Rent receivable	200
	Prepaid insurance	240
	Shop supplies	210
	Total current assets		4850
	Non current assets
	Shop equipment	3860
	Building	57500
	Land	55000
	Accumulated depreciation shop equipment	-1120
	Accumulated depreciation Building	-6060
	Total non current assets		109180
	Total assets		114030

	Liabilities and capital
	Liabilities
	Current liabilities
	Wages payable	200
	property taxes payable	450
	Interest payable	600
	Unearned rent	800
	Total current liabilities		2050
	Long term notes payable		50000
	Total liabilities		52050
	G capital		61980
	Total liabilities and capital		114030

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