Reference no: EM132631839

Question - The amounts of the assets and liabilities of Computer Technology Company at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of I. M. Smart, owner was $670,000 on January 1, 2020, the beginning of the year. During the year, I.M. withdrew $42,000 for personal use.

Accounts Payable $69,500

Accounts Receivable 285,000

Cash 190,500

Fees Earned 912,500

Land 544,000

Miscellaneous Expense 6,400

Rent Expense 36,000

Supplies 5,500

Supplies Expense 4,100

Utilities Expense 28,500

Wages Expense 510,000

Instructions - When preparing the statements you may use the attached file, print it off, hand write the information, scan it or take a picture of it (make sure it is legible) or using the file as a reference for basic appearance you may type up your own statements using either Word or Excel. You must save them as either .docx or .xlsx or as a .pdf so that I am able to able them and grade them.

Required -

1. Prepare an income statement for the year ended December 31, 2020?

2. Prepare a statement of owner's equity for the year ended December 31, 2020?

3. Prepare a balance sheet as of December 31, 2020?