60 POINTS: TRIAL BALANCE TO FINANCIAL STATEMENTS you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIABILITY LORDS, INC below to prepare for the year 2020: (The 000's have been dropped to make adding easier for you. You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. All Accrued Liabilities and A/P will be paid with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Account Debit Credit Cash 300 Accounts Receivable 450 Allowance for doubtful 25 accounts Inventory 85 Equipment 450 Accumulated 125 Depreciation Accounts Payable Accrued Liabilities Bond Payable Bond Premium Common Stock, par value APIC, Common Stock Retained Earnings 250 130 200 50 5 345 80 Dividends Sales 35 2.500 Retained Earnings Dividends 35 35 808 80 Sales Sales Discounts 30 2,500 Cost of Goods Sold 1300 Advertising expense 50 Depreciation expense 40 Rent expense 60 Wages expense 900 Loss on sale of 8. equipment Interest expense 2 Totals $3,710 $3,710 D Question 10 Gross Profit % Using the financial statements you just created for Liability Lords, calculate the company's: Gross Profit % 2 pts