Mr. Jane carl is the owner of Key Insurance Agency. The following is the trial balanace of the company.

Prepare the i
Statament of owner's equity and Balance sheet for the year 2020.

Instructions:
Calaculate the depreciation on office equipment monthly, by using information
The useful life of the office equipment is 8 years.
All amounts in dollars Key Insurance Company
Trail Balance
For the year 2020

Particulars
Cash
Account Receivable
Office equipment
Accumulated depreciation
Accounts Payable
Jane Carl Capital
Jane Carl Drawings
Commission earned
Advertising expense
Salaries expense
Rent expense

Total
f the company. Prepare the income statem

urance Company
rail Balance
the year 2020
Depreciation = Cost
Debit Credit Useful life
3750
1210 Depreciation = 4800
4800 8
80 Depreciation = 600
1640 12
7490 Depreciation = 50
500
6220
800
3600 Particulars L/F Dr Cr
770 Depreciation a/c 50
Accumulated depreciation 50
15430 15430
 Key Insurance Company
Trail Balance
For the year 2020

Particulars
Cash
Account Receivable
Office equipment
Accumulated depreciation (off equipment)
Accounts Payable
Jane Carl Capital
Jane Carl Drawings
Commission earned
Advertising expense
Salaries expense
Rent expense
Depreciation
Total
urance Company
rail Balance
the year 2020

Debit Credit
3750
1210
4800
equipment) 130
1640
7490
500
6220
800
3600
770
50
15480 15480
 Key Insurance Company
Income Statement
For the year 2020

Revenue:
Commissioned earned 6220
Expenses:
Advertising expense (800)
Salaries expense (3600)
Rent expense (770)
depreciation expense (50)
Total expenses -5220

Net income 1000

 Key Insurance Company
Statement of Owner's equity
For the year 2020

Owner's equiy in the biggining 7490

add net income/ less net loss 1000
Total 8490
less Drawings -500
Owner's equiy at the end 7990
 Key Insurance Company
Income Statement
For the year 2020

Assets Amount
Cash 3750
Account Receivable 1210
Office equipment 4800 4670
Less Acc depreciation (130)

9630
 Insurance Company
Income Statement
For the year 2020

Liabilities + Owner's equity Amount

Account Payable 1640
Owner's equity / capital 7990

9630