I'm having trouble with creating my financial statements. In the attached images I'll present what I have been able to figure out but I need help figuring out the rest. **Income Statement for the Year Ended December 31, 2019****Revenues:**- Commissions revenue: $85,000**Expenses:**- Salary expense: $8,300- Repair expense: $200- Telephone expense: $150- Insurance expense: $1,000- Rent expense: $2,500- Office supplies expense: $400- Depreciation expense: $250**Total Expenses: $12,800****Net Income: $72,200**---**Statement of Stockholder's Equity for the Year Ended December 31, 2019**| | Common Stock | Retained Earnings | Total Stockholder's Equity ||--------------------------------|--------------|-------------------|----------------------------|| Beginning Balance, December 1, 2019 | $80,000 | $72,200 | $152,200 || Ending Balance, December 31, 2019 | - | $72,200 | $152,200 |---**SoccerBox Inc. Balance Sheet as of December 31, 2019****Assets:***Current Assets:*- Cash: $93,150- Prepaid rent: $27,500- Prepaid insurance: $11,000- Supplies office: $100**Total Current Assets: $131,750***Long-term Assets:*- Equipment: -**Total Long-term Assets: -****Total Assets: $131,750**---**Liabilities:***Current Liabilities:*- Accounts payable: $300- Dividends: $1,000**Total Current Liabilities: $1,300**---**Stockholder's Equity:**- Total Stockholder's Equity: -**Total Liabilities and Stockholder's Equity: $1,300** **SoccerBox Inc.****Adjusted Trial Balance****December 31, 2019**| Account Description | Debit ($) | Credit ($) ||-----------------------------------|-----------|------------|| Cash | 93,150 | || Prepaid Rent | 27,500 | || Prepaid Insurance | 11,000 | || Office Supplies | 100 | || Office Equipment | 20,000 | || Accumulated Depreciation | | 250 || Salaries Payable | | 300 || Common Stock | | 80,000 || Dividends | 1,000 | || Commissions Revenue | | 85,000 || Salary Expense | 8,300 | || Repair Expense | 200 | || Telephone Expense | 150 | || Rent Expense | 1,000 | || Insurance Expense | 2,500 | || Office Supplies Expense | 400 | || Depreciation Expense | 250 | |**Totals** | 165,550 | 165,550 |*Overview:*This document reflects the adjusted trial balance for SoccerBox Inc. as of December 31, 2019. It lists all accounts with their respective debit and credit balances. The goal of this balance is to ensure debits equal credits, which confirms the accuracy of the books post-adjustments.*Key Points:*- The total debits and credits both amount to $165,550, indicating the books are balanced.- Major debit entries include Cash ($93,150) and Prepaid Rent ($27,500).- Significant credit entries consist of Common Stock ($80,000) and Commissions Revenue ($85,000).

Balance sheet: It contain all items of Assets and liabilities. Balance sheet is a statement prepared…

Answered: For the year ended December 31, 2019…

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 8MC