Using the below Adjusted Trial Balance, complete Reuben’s Cubic Storage

Using the below Adjusted Trial Balance, complete Reuben’s Cubic Storage Income Statement, Statement of Changes to Owner’s Equity and their Balance Sheet. When completing the Statement of Changes in Owner’s Equity, Mr. Clausen’s capital account balance of $30,520 consists of a $20,520 balance on January 1, 2015, plus an additional $10,000 investment during 2015 .

Reuben’s Cubic Storage
Adjusted Trial Balance
December 31, 2015

Cash                $3,050
Accounts Receivable   400
Prepaid Insurance     830
Office Supplies        80
Office Equipment    4,200
Accumulated depreciation, office equipment  $1,100
Buildings          98,000
Accumulated depreciation, buildings          28,000
Land              115,000
Wages Payable                                                880
Property Taxes Payable                                1,400
Interest Payable                                            2,200
Unearned Rent                                                460
Long term Notes Payable                          178,000
Ruben Clausen, capital                               30,520
Ruben Clausen, withdrawals 21,000
Rent earned                                                 48,600
Wages expense   28,880
Utilities expense 1,900
Property taxes expense 2,400
Insurance expenses  800
Office supplies expense 250
Depreciation expense, office equipment 400
Depreciation expense, building 5,570
Interest expense  8,400

TOTALS              $291,160            291,160

Here’s the SOLUTION

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