Question

The December 31, 2021, adjusted trial balance for Eagle Consulting Services has been alphabetized as follows:

NO. Account Debit Credit

201 Accounts Payable $720

168 accumulated Depreciation, equipment 8250

184 Accumulated depreciation, office furniture 3100

101 cash $1500

302 Consulting fees earned 45000

194 copyright 4200   

251 Dan Eagle,capital 24,715

301 Dan Eagle, withdrawals 3500

406 Depreciation expense, equipment 1000

606 Depreciation expense, office furniture 700

167 equipment 16000

633 Insurance expense 600

401 Interest earned 70

623 interest expense 30

233 Long - term notes payable 4,000

145 Notes receivable 5,000

183 Office Furniture 5,100

104 Short -term investments 4,000

126 Supplies 750

637 Supplies Expense 2,150

652 Telephone Expense 470

203 Unearned Consulting fees 375

688 Utilities Expense 3,230

612 Wages Expense 38,000

Totals $86,230 $86,230

make balance sheet and statement of changes in equity.

Answer 1

Income Statement
Revenues:
Consulting fees earned	45,000
Interest earned	70
Total revenue		45,070
Expenses:
Depreciation expense, equipment	1,000
Depreciation expense, office furniture	700
Insurance expense	600
Interest expense	30
Supplies Expense	2,150
Telephone Expense	470
Utilities Expense	3,230
Wages Expense	38,000
Total expenses		-46,180
Net Loss		($1,110)

Statement of Owners Equity
Dan Eagle,capital, beginning		24,715
Less: Net loss	-1,110
Less: Dan Eagle, withdrawals	-3,500
		-4,610
Dan Eagle,capital, ending		$20,105

Balance Sheet
Assets		Amount
Current Assets:
Cash	1,500
Note receivable	5,000
Short term investment	4,000
Supplies	750
Total Current Assets		11,250
Intangible assets:
Copyrights		4,200
Plant,Assets :
Equipment	16,000
Less:Accumulated Depreciation- equipment	-8,250
	7,750
Office Furniture	5,100
Less:Accumulated Depreciation- Furniture	-3,100
	2,000
Total plant asset		9,750
Total Assets		$25,200
Liabilities and Owners Equity
Current Liabilities:
Accounts payable	720
Unearned Consulting fees	375
Total Current liabilities		1,095
Long term Liabilities:
Notes payable	4,000
Total Long term Liabilities		4,000
Owners Equity:
Dan Eagle,capital, ending	20,105
Total Owners equity		20,105
Total Liabilities & Owners Equity		$25,200