Trial Balance as of 31st December 2020

| Account Titles | Debit ($) | Credit ($) |
| -------------------------- | --------- | ---------- |
| Cash | 15,000 | |
| Accounts Receivable | 10,000 | |
| Inventory | 20,000 | |
| Prepaid Rent | 2,000 | |
| Equipment | 50,000 | |
| Accumulated Depreciation | | 10,000 |
| Accounts Payable | | 12,000 |
| Wages Payable | | 5,000 |
| Interest Payable | | 500 |
| Common Stock | 50,000 | |
| Retained Earnings | 20,000 | |
| Sales Revenue | | 100,000 |
| Cost of Goods Sold | 60,000 | |
| Rent Expense | 6,000 | |
| Wages Expense | 30,000 | |
| Depreciation Expense | 5,000 | |
| Interest Expense | | 1,000 |
| Income Tax Expense | | 3,000 |
| Total | 188,000 | 188,000 |

Additional Information:

1. The company uses the straight-line method of depreciation for its equipment. The estimated useful life of the equipment is 10 years with no salvage value.
2. The company's income tax rate is 30%.

Financial Statements of Krishna for the year ended 31st December 2020:

Income Statement:

| Account Titles | Amount ($) |
| --------------------- | ---------- |
| Sales Revenue | 100,000 |
| Cost of Goods Sold | (60,000) |
| Gross Profit | 40,000 |
| Rent Expense | (6,000) |
| Wages Expense | (30,000) |
| Depreciation Expense | (5,000) |
| Interest Expense | (1,000) |
| Income Before Tax | 8,000 |
| Income Tax Expense | (2,400) |
| Net Income | 5,600 |

Statement of Retained Earnings:

| Account Titles | Amount ($) |
| ------------------- | ---------- |
| Retained Earnings | 20,000 |
| Net Income | 5,600 |
| Dividends | (0) |
| Ending Retained Earnings | 25,600 |

Balance Sheet:

| Account Titles | Amount ($) |
| ----------------------- | ---------- |
| Assets | |
| Cash | 15,000 |
| Accounts Receivable | 10,000 |
| Inventory | 20,000 |
| Prepaid Rent | 2,000 |
| Equipment | 50,000 |
| Less: Accum. Depreciation | (10,000) |
| Total Assets | 87,000 |
| Liabilities | |
| Accounts Payable | 12,000 |
| Wages Payable | 5,000 |
|

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